Tuesday, March 18, 2008

Natural Gas Found in Egypt by BP & ENI

CAIRO, March 18 (Reuters) - A natural gas find in an area controlled by BP (BP.L: Quote, Profile, Research) and a subsidiary of Italian firm ENI (ENI.MI: Quote, Profile, Research) could hold one trillion square feet of reserves, the Egyptian state news agency MENA said.

BP and ENI subsidiary IEOC had bought rights to the eastern Mediterranean area where the gas was found 22,000 feet below sea level, Mahmoud Latif, chairman of state-owned Egyptian Natural Gas Holding Company, was quoted by MENA on Monday.

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