LONDON--BP PLC said Monday it has made a significant gas discovery offshore Egypt days after announcing plans to help invest around $12 billion to develop gas and condensate from its West Nile Delta project in the country.
The discovery and investment in Egypt's energy sector is welcome news for the country, which is facing its worst energy crisis in decades amid rising demand and falling gas production.
BP said Monday its Atoll-1 deepwater exploration well in the East Nile Delta had hit 50 meters of gas-bearing rock, the company's second major discovery in the area since 2013 and a promising sign for the potential commercial development of the concession. The company estimates that the potential volume of gas in the area could exceed 5 trillion cubic feet.
