BG Group Strike Gas Offshore Egypt

BG Group has discovered natural gas reserves off the coast of Egypt, various media reports have suggested.

Times of Israel citing a report in Israel Radio has said that the discovery by British Gas near Ras El-Bar reportedly contains 3.4 billion cubic meters of gas.

Recently, BG Egypt, subsidiary of Uk based BG Group, started gas production from Phase 8b of its West Delta Deep Marine concession at the end of last month.

The deepwater development, about 90km from the Nile Delta in the Mediterranean, is managed by the Burullus Gas Company, which is 50 per cent owned by the Egyptian General Petroleum Corporation, while BG holds a 25 per cent stake and Malaysia's Petronas the rest.

BG Egypt is the biggest producer of gas in Egypt.