The deal, announced
on July 19, called for the development of reserves of five trillion cubic
meters of gas from Egypt's North Alexandria Deepwater block and the Western
Mediterranean block.
The Egyptian Petroleum Ministry said the two fields would produce a
total of 900 million cubic meters of gas in 2014.
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The concessions were
expected to increase production to up to one billion cubic meters per day,
which could be sold by BP for at least $3 per cubic meter.
Under the accord, which included production deadlines, BP would work
with its German partner, RWE. The deal does not require Egypt to share in
the investment.
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