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Sunday, November 8, 2015
BP signed an agreement with the Egyptian Minister of Petroleum to accelerate the development of the Atoll gas discovery, located in the North Damietta Offshore Concession Egypt’s East Nile Delta.
The full field development of Atoll is expected to consist of two phases, with the first phase consisting of two development wells tied back to existing infrastructure, with production expected to start up in 2018. Success of this first phase is expected to trigger additional investment and further wells to increase production.
The field is estimated to contain 1.5 Tcf of gas resources and 31 million barrels of condensates.
Commenting on the agreement, BP Group Chief Executive Bob Dudley saix in a company statement: “We are pleased to be making rapid progress towards the development of Atoll less than eight months after the announcement of its discovery. This is further demonstration of our continued confidence in Egypt, a key growth area for BP, and our commitment to continue to invest to unlock its energy potential.”
The development of Atoll will be executed and operated by Pharaonic Petroleum Co, BP’s JV with EGAS and ENI.
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