BP aim to undertake oil and gas exploration activities in Egypt to the tune of $10-billion over the next few years. This announcement was made after BP’s CEO, Tony Hayward, after he met with Egypt’s prime minister, Ahmed Nazif, and the oil minister, Sameh Fahmy.

Egypt's proven natural gas reserves rose to around 77.2 trillion cubic feet in the 2008/09 fiscal year.

The most populous Arab country is a major natural gas exporter but it said in 2008 it would not sign any new gas export contracts until the end of 2010, to meet rising local demand.

Reported by Reuters