BP To Pour $11B Into Egyptian Natural Gas Project

Law360, New York (September 4, 2012, 4:08 PM EDT) -- BP PLC is set to invest $11 billion in a natural gas project aimed at tapping into deepwater reserves in the Mediterranean Sea, Egypt's state information service reported Tuesday, adding to the energy giant's foothold in the little-explored region.

The British company's efforts target natural gas reserves locked in a deposit more than 25,000 feet below the sea's surface, according to the state-run source. BP began the initial well-digging phase on Aug. 18 and expects to start exploration next year, the service reported, an effort that...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.