BP has new investment in Egypt

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BP has concluded the investment decisions made for the project of its Atoll discovery in Egypt, which they’ve sanctioned due to a quick developing discovery in the Mediterranean Sea.

The project is in its early stages and will generate close to 300 million cubic feet a day (mmscfd) of gas to the Egyptian market. BP’s interest in the concession is 100%.

The Atoll project was announced in March 2015, and was drilled in water 923m deep. Phase One involves transitioning the existing well to a production well, the drilling of two additional wells and installation of necessary equipment required for field production. Anticipated drilling begins in August for the next two years and will be drilled by Ensco DS-6 drillships. The successful first phase has the potential for further investment in the full development of phase two.

The Regional President of BP North Africa commented: “BP is proud to progress the acceleration of the Atoll project which will bring critical gas to the Egyptian market and establish a new material hub offshore East Nile Delta. Our confidence in the prospectivity of the area along with our ongoing commitment to Egypt and our successful history of partnership with the Ministry of Petroleum, EGPC and EGAS is allowing us to fast track Atoll from discovery to production in less than three years which is a significant achievement.”

Article written by HEI contributor Marcela Abarca.

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