BP Signs Amendments to Three Concession in Egypt
September 27 2016 - 11:29AM
Dow Jones News
By Razak Musah Baba
LONDON--BP PLC (BP.LN) Tuesday signed amendments to the Temsah,
Ras El Barr and Nile Delta Offshore concessions in Egypt and said
production from the Nooros field hit a record.
The U.K. oil company said the three amendments, signed with
Egyptian Minister of Petroleum Tarek El Molla, allowed for the
economic development of Nooros.
The Nooros field in the Nile Delta offshore concession this
month achieved record production of 700 million standard cubic feet
per day, or mmscfd, and is targeted to hit 880 mmscfd by early
2017, BP said.
BP will also drill additional wells in the Ras El Barr and
Temsah areas that are expected to bring significant gas to the
Egyptian domestic market, it said.
BP holds a 50% interest in Temsah and Ras El Barr, and a 25%
interest in the Nile Delta Offshore Concession. The remaining
working interest is held by Eni SpA (ENI.MI) through its unit
IEOC.
At 1440 GMT, BP shares were down 5 pence, or 1.1%, at 427 pence,
valuing the company at GBP80.84 billion ($105 billion).
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
September 27, 2016 11:14 ET (15:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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