Petroleum Africa
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Friday, June 27, 2014
BP’s long-planned development of its North Alexandria concession in Egypt is expected to see some forward momentum according to Egypt’s oil minister Sherif Ismail. The minister said that the gas project has been restarted and production should be seen in 2017.
The minister told reporters that the concession should produce at a rate of 450 Mmcf/d and output will rise to 800 Mmcf/d in 2018.
It was also reported by Ismail that some international firms Egypt owes money to would receive a payment this year. Some larger international firms are hoping a share of the planned $1.5 billion in payments to come their way. While a good portion of smaller firms have been receiving regular reimbursement payments, some larger firms have not. According to reports Apache, BG, and BP are among the firms that will reportedly see some cash from the Egyptian government.
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