BP Begins Gas Production from Egypt's Taurus, Libra Fields Ahead of Schedule

By Razak Musah BabaFeaturesDow Jones Newswires

BP PLC (BP.LN) said Wednesday it has started gas production from the first two fields, Taurus and Libra, of the West Nile Delta development in Egypt.

The oil giant said the project was delivered eight months ahead of start-up schedule and under budget.

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The West Nile Delta development, which includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore concession blocks, is being developed as two separate projects to enable BP and its partners to accelerate gas production commitments to Egypt.

BP is the operator of the West Nile Delta project, with 82.75% equity in the project partnership; DEA Deutsche Erdoel AG holds the remaining 17.25% interest.

BP shares at 1612 GMT up 6 pence, or 1.3%, at 461 pence, valuing the company at GBP90.80 billion.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

May 10, 2017 11:42 ET (15:42 GMT)