Egypt has awarded a contract worth $80 million to France's Technip to develop a subsea gas field off Egypt's coast, oil ministry sources said.

Technip, a French engineering and subsea oil and gas company, will further develop Egypt's West Delta Deep Marine project, located 95 km offshore Egypt in the Mediterranean.   

Technip is to install a new gas pipeline and connecting it to two existing ones in the area, one of the ministry sources said.

The project will be managed by Burullus Gas, a joint operating company of Egyptian General Petroleum Corporation (EGPC) which owns 50 per cent, and BG and Petronas, which each hold 25 per cent stakes.

Technip is a oil and gas firm specialising in the fields of project management, engineering and construction for the oil and gas industry. - Reuters