The Majors spending up large to develope Gas Fields...BP plans...

The Majors spending up large to develope Gas Fields...
BP plans to invest about $1.5 billion in Egypt during the next few years as it seeks to develop gas projects and drilling in the North African country.

The spending, which will be net to BP (LON:BP), follows the London-based major’s announcement earlier this month it will form a gas-focused joint venture in Egypt with Abu Dhabi National Oil Co.

The new spending will occur during the next three to four years, a BP spokesperson said in an emailed response to questions. BP will continue to hold about 70% of its existing interests in Egypt outside the joint venture with Adnoc.