BP has on Thursday signed a heads of agreement with Egypt regarding the acceleration of the development of the recent Atoll gas discovery.
Under the agreement, the production from the well, discovered offshore Egypt in March this year, holding an estimated 1.5 trillion cubic feet of gas and 31 million barrels of condensate, will be expedited to the domestic market, BP said in a statement.
First production from the field located in the North Damietta offshore concession in the East Nile Delta is anticipated to begin in 2018 with full field development of Atoll 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
BP expects to double its gas production in Egypt before the end of the decade to reach 2.5 bcfd with partners, which represents more than 50 percent of Egypt’s current gas production.
Development of Atoll will be executed and operated by Pharaonic Petroleum, BP’s joint venture with EGAS and Eni.
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LNG World News Staff; Image: BP