BP Reportedly Signs Deal to Acquire 12% Share in TANAP

While saying that its $12 billion deal to develop oil and gas in Egypt is the biggest investment in the history of the country, BP reportedly signed a deal to acquire a 12% share in the Trans-Anatolian Gas Pipeline (TANAP). 

Azeri and Turkish media unveiled the agreement on Friday, but the company did not confirm the news. 

According to some rumours, the construction of the pipeline should start on Tuesday, and this could be the case given the continuous declarations given by the Turkish Minister of Energy and Natural Resources Taner Yildiz. Also on Friday, he confirmed Ankara’s interest for the TANAP project, reiterating that the Turkish Stream is not incompatible with the project bringing Azeri gas to Europe. 

On Thursday, Yildiz said that Turkey could take some time and slow down the gas project connecting Russia to Turkey.

"The issue is not Turkish Stream alone. This is a whole package for Turkey's energy needs. We need to be a little bit patient," Energy Minister Taner Yildiz told Reuters, adding that the project will be delayed to at least 2017. 

Meanwhile, BP Group Chief Executive Bob Dudley met with Sherif Ismail, Minister of Petroleum of Egypt. 

Earlier this week, the company announced a second significant gas discovery in Egypt, estimating the potential of its concession in the East Nile Delta at over 5 tcf.