The oil and gas producer BP plc (NYSE:BP) will invest $11 billion on the production of natural gas from the Mediterranean Sea, at a depth of 7,700 meters.
It expects to produce 1 billion square foot of natural gas when it begins operation within four to five years.
This project would help Egypt to get extracted natural gas for 40% of its current price.
Robert Dudley, BP plc (NYSE:BP) chief executive, said, “The project will offer 5,000 job opportunities and is expected to produce 40% of Egypt’s natural gas production. BP plc (NYSE:BP) started on Aug. 18 to dig the well and would start exploration work next year”.
