Middle East Economic Survey


No 20



BP To Spend $615Mn Extending Gulf Of Suez Concessions

BP Egypt on 10 May announced that it had extended by agreement with the Egyptian government the Merged Concession Agreement (MCA) and the South Gharib concession in the Gulf of Suez by 20 and 10 years respectively. BP Egypt said that extension of the two concessions with modified terms for BP will extend the life of the existing oilfields, maximize the recovery of the remaining...