BP Makes ‘Significant’ Deep Gas Find in Egypt’s West Nile Delta

BP Plc, the largest foreign investor in Egypt, reported a “significant” natural-gas find in the Deepwater West Nile Delta.

Further appraisal is underway at the Hodoa discovery in the West Mediterranean Deepwater, Nile Delta concession, the London-based company said today in a statement. The WMDW-7 well was drilled to a depth of 6,350 meters.

BP has an 80 percent stake in the concession and is the operator, with RWE Dea, the oil and gas unit of Germany’s second-biggest utility, holding the rest.

Egypt has the third-largest gas reserves in Africa after Algeria and Nigeria, with 77.3 trillion cubic feet at the end of 2009, according to BP. To date, the British explorer has invested more than $17 billion in the country, and has interests in 13 offshore concessions in the Nile Delta.

BP extended gains, rising as much as 1.6 percent to trade at 434 pence as of 1:55 p.m. local time.

Contact the reporter on this story: Stephen Cunningham at +44-20-7673-2061 or scunningha10@bloomberg.net

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