'Significant' discovery for BP

Shares in oil giant BP got a lift after the group announced its Egyptian subsidiary has made a "significant" gas discovery in the Nile Delta area.The group has reported that further appraisal of the Hodoa discovery is underway after the WMDW-7 well was drilled to a depth of 6350m.The well is the first Oligocene Deep Water discovery in the area, some 80km northwest of Alexandria, Egypt.Mike Daly, BP's executive vice president of exploration said "The Hodoa discovery further demonstrates the great potential of the deep reservoirs in the Nile Delta."BP has been a significant part of the Egyptian oil and gas industry for around 44 years. Since then, the subsidiary has been accounted for almost 50% of the country's entire oil production.President and general manager of BP Eygpt Hesham Mekawi said "This discovery further reinforces the leadership role played by BP in Egypt and its ongoing commitment towards the development of Egypt's future gas business."