British oil major BP has made a final investment decision for the development of its Atoll discovery in Egypt.
The company has sanctioned a ‘fast-track’ development of the gas discovery located in the Mediterranean Sea.
The project, which is an early production scheme, will bring up to 300 million cubic feet a day (mmscfd) gross of gas to the Egyptian domestic gas market starting in the first half of 2018. BP has a 100% interest in the concession.
The Atoll discovery in the North Damietta Offshore Concession was announced in March 2015. Atoll-1 was drilled with Maersk Discoverer semi-submersible drilling rig in 923m water depth around 80km north of Damietta city.
Atoll Phase One is an early production scheme (EPS) involving the recompletion of the existing exploration well as a producing well, the drilling of two additional wells and the installation of the necessary tie-ins and facilities required to produce from the field.
The Atoll wells will be drilled by the Ensco-owned DS-6 drillship which arrived in Egypt in May. Drilling is expected to start drilling in August for roughly the next 24 months. Success of the Atoll Phase One EPS could lead to further investment in the Atoll Phase Two full field development.
Hesham Mekawi , Regional President, BP North Africa commented: “BP is proud to progress the acceleration of the Atoll project which will bring critical gas to the Egyptian market and establish a new material hub offshore East Nile Delta. Our confidence in the prospectivity of the area along with our ongoing commitment to Egypt and our successful history of partnership with the Ministry of Petroleum, EGPC and EGAS is allowing us to fast track Atoll from discovery to production in less than three years which is a significant achievement.”