BP unveils USD 12 bn investment in Egypt gas fields

British energy giant BP unveiled plans today to invest a record USD 12 billion in Egyptian gas fields with Russian partner DEA in a "vote of confidence" for the troubled nation.

The investment -- equivalent to 11 billion euros -- will be on the West Nile Delta (WND), the company said in a statement, and comes despite concern over a surge in deadly militancy in Egypt.

The London-listed group holds a 65-per cent stake in the project, while DEA owns the remaining 35 per cent.

BP is seeking to rebalance its capital expenditure (capex) programme to combat the impact of slumping oil prices, which have slashed its profits and revenues.

"The project underlines BP's commitment to the Egyptian market and is a vote of confidence in Egypt's investment climate and economic potential," BP said in a statement.

The aim is to develop five trillion cubic feet of gas resources and 55 million barrels of condensates, with production expected to begin in 2017, it added.