Egypt's Oil Ministry said today that BP has discovered a natural gas field in the Mediterranean Sea off Egypt with more than 1 trillion cubic feet in reserves, half of Egypt's annual consumption.
BP officials in Egypt were not immediately available for comment. Oil Minister Sameh Fahmy said the field is located about 56 kilometres north of the port city of Alexandria.
It was not immediately clear if the figure announced was for proven reserves, Reuters reported.
"Discovering gas in deep areas in the Mediterranean Sea, which requires the use of modern technologies in research and exploration, has opened the door to attract international companies," Fahmy said.
Egypt exports liquefied natural gas mainly to Europe and the US. It also exports natural gas by pipeline to Jordan.
BP is the largest foreign investor in Egypt. Its joint venture with state-controlled Egyptian General Petroleum Corporation explores for oil and gas in the Gulf of Suez, the Western Desert and, more recently, the Nile Delta.
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