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Fri 1 Jun 2007 12:00 AM

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Investment to intensify activity in Egyptian gas exploration industry

UK gas producer BG Group has said it will invest around US $3 billion on gas exploration and production in Egypt over the next three to five years.

UK gas producer BG Group has said it will invest around US $3 billion on gas exploration and production in Egypt over the next three to five years.

BG's Egyptian president, Ian Hewitt said the investment is designed to intensify the company's activity in the region. With over 40% of the country's output, BG is Egypt's largest gas producer.

Together with its partners, BG has already invested over US $5 billion in upstream and downstream gas projects in the country, according to Hewitt.

The announcement follows shortly after the company posted earnings for the first quarter of 2007, which were 25% lower than for the same period in 2006. BG claimed lower energy prices and a weaker US dollar had outweighed higher production.

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