BP to Accelerate Development of First Phase of Atoll Field, Egypt
November 05 2015 - 9:07AM
Dow Jones News
By Ian Walker
LONDON--Oil major BP PLC (BP.LN) said Thursday it has signed a
heads of agreement with the Egyptian Minister of Petroleum, to
accelerate development of the recent Atoll gas discovery, and
expects production to start in 2018.
BP said first production is estimated at 1.5 trillion cubic feet
of gas resources, and 31 million barrels of condensates to the
domestic market.
Full field development of Atoll will be in two phases, BP said.
Firstly, two development wells will be 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, BP said.
BP added that it expects to continue investing in its existing
oil operations led by its joint venture Gulf of Suez Petroleum Co.
and gas operations led by the Pharaonic Petroleum Co. (PhPC) joint
venture, as well as continuing to progress its exploration program
in the Nile Delta.
BP expects to sustain its current oil production and double its
gas production in Egypt before the end of the decade to reach 2.5
billion cubic feet a day with partners, which represents more than
50% of Egypt's current gas production.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 05, 2015 08:52 ET (13:52 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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