BP to pump $12bn into new exploration projects

Petroleum Minister Sherif Ismail has signed a deal with CEO of British Petroleum Bob Dudley to expand oil exploration in the west and east banks of the Nile, as well as the Mediterranean Sea at 12 billion dollars.
BP is one of the biggest companies operating in Egypt, Ismail said in statements to MENA on Saturday.
He put BP investments in Egypt at 25 billion dollars.
The new agreement, he added, will help secure 25 percent of local production and will contribute to narrowing the gap in petroleum needs by 2020.
Dudley said his company has been operating in Egypt for 50 years. He called Egypt a major partner and voiced appreciation for efforts by the government to create an investment-friendly climate.
Today's oil agreement is the biggest ever in Egypt's history, Dudley said.
Besides securing 25 percent of the local needs, the deal will also help create about 5,000 jobs, Dudley added.