BP is considering investments of about $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years, Bloomberg News reported on Wednesday, citing a spokesperson for the global oil major. Earlier this month, BP and state-owned Abu Dhabi National Oil Company (ADNOC) announced plans to form a joint venture in Egypt that will initially focus on natural gas. The joint venture, expected to be formed in the second half of this year, will be 51% owned by BP and 49% by ADNOC, the companies said at the time.
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