BP Makes New Major Discovery & Plans $12b Investment in Egypt

Two major announcements made by BP this week, as detailed below:

New Gas Discovery in Egypt:
BP Egypt declared a new important gas discovery in the North Damietta Offshore Concession in the East Nile Delta. The Atoll-1 deepwater exploration well, currently being drilled using the 6th generation semi-submersible rig Maersk Discoverer, has reached 6,400 metres depth and penetrated approximately 50 metres of gas pay in high quality Oligocene sandstones. Expected to be the deepest well ever drilled in Egypt, the Atoll well still has another 1 kilometre to drill to test the same reservoir section found to be gas bearing in BP’s significant 2013 Salamat discovery, 15 kilometres to the south.

Development with $12bn:
BP declared that it has signed the final agreements of the West Nile Delta project to develop 5 trillion cubic feet (tcf) of gas resources and 55 million barrels (mmbbls) of condensates with an estimated investment of around $12 billion by BP and its partner. The project underlines BP’s commitment to the Egyptian market and is a vote of confidence in Egypt’s investment climate and economic potential.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects