BP Signs Agreement to Speed up Atoll Field Development

BP announced Thursday that it has 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 in the East Nile Delta, offshore Egypt.

Full field development of Atoll, which is estimated to hold 1.5 trillion cubic feet of gas resources and 31 million barrels of condensates, is expected to consist of two phases. The first phase will consist 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.

Commenting on the agreement, BP Group Chief Executive Bob Dudley commented 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 joint venture with EGAS and Eni. 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  CNOOC Commences Production from Enping... (Jan 18)
 -  Statoil Granted Drilling Permit for We... (Jan 18)
 -  Gazprom Chairman, Moldova President Di... (Jan 18)
 -  Eni: Oil, Gas Discovery in Norwegian S... (Jan 17)
 -  Tullow Finds Oil in Kenyan Erut-1 Well (Jan 17)


Most Popular Articles

From the Career Center
Jobs that may interest you
Contracts Coordinator
Expertise: Contracts Administration
Location: Hanover, MD
 
Drilling Engineer II Job
Expertise: Drilling Engineering|Petroleum Engineering
Location: Houston, TX
 
Drilling Engineer
Expertise: Drilling Engineering
Location: Tulsa, OK
 
search for more jobs

Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
Updated in last 24 hours