SHARM EL-SHEIK, Egypt -- British oil company BP today finalized a $12 billion deal with Egypt to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates in the West Nile Delta.

The supply deal, signed at an international investment conference in the Sharm El-Sheik resort, will help Egypt as it tackles its worst energy crisis in decades.

Rising energy consumption and decreasing production have turned it from a net energy exporter to a net importer in the last few years and caused persistent blackouts.

BP has said that production from the project was expected to reach up to 1.2 billion cubic feet a day, equivalent to about 25 percent of Egypt's current gas production.

BP said it had about 65 percent equity in the project partnership. Production is expected to start in 2017.

First Published March 14, 2015, 10:27 a.m.