Cairo – Mubasher: UK-based BP Plc is looking to invest around $1.8 billion in Egypt this year, the company’s CEO said.

Crude oil price is expected to stand at $50 to $65 per barrel (pb) over the next year, Reuters reported, citing Bob Dudley.

Dudley noted that current oil prices are fair and good, pointing out the market seems balanced.

On Monday, BP plc announced that it had started gas production from the second stage of its West Nile Delta megaproject in Egypt.

The second stage, which covers eight wells, produces around 400 million cubic feet of gas a day (mmscfd) and is expected to reach 700 mmscfd, according to a press release.

The British oil and gas producer added that the third stage of the project was set to begin with the development of Raven field projected to start production by the end of 2019.