UK's BP to $ 1.8bn investment into Egypt in 2019

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Cairo – Mubasher: UK-based BP Plc is looking to invest around $ 1.8 billion in Egypt this year, the company's CEO said.

Crude oil is expected to stand at $ 50 to $ 65 per barrel over the next year, Reuters reported, citing Bob Dudley.

Dudley noted that the prices are fair and good .

On Monday, BP plc announced that it was starting gas production from the second stage of its West Nile Delta megaproject in Egypt.

The second stage, which covers eighty, produces around 400 million cubic feet of gas a day (mmscfd) and is expected to reach 700 mmscfd, according to a press release.

The British Oil and Gas Producer added the third stage of the project to begin with the development of Raven field projected to start production by the end of 2019.

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