LONDON (Dow Jones Newswires), July 28, 2008
BP PLC (BP) started production of natural gas from Egypt's Taurt field at the beginning of July, the company said Monday.
The Taurt field is located in the Ras El Bar concession, which is 70 kilometers offshore northeast of Port Said.
The parties to Ras El Bar Offshore Concession agreement are BP Egypt, operator with 50%, and IEOC, the affiliate of ENI SpA (E) in Egypt, with the remaining 50%.
"Taurt ... will contribute to BP's production profile for the next decade and beyond. Egypt is an important growth area with further potential," said Andy Inglis, BP's Chief Executive of Exploration & Production.
Hesham Mekawi, President of BP Egypt added: "Taurt is BP's first subsea development in Egypt and also the first of what we plan to be a program of subsea developments, its successful delivery represents a new milestone in recovery of gas from the Mediterranean Sea."
The Taurt project is executed and operated by Gulf of Suez Petroleum Co., or GUPCO, a joint venture between Egyptian General Petroleum Corp. and BP, IEOC, and BP.
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