BP Sanctions “Fast-Track” Development of Atoll Discovery

Source: www.gulfoilandgas.com 6/20/2016, Location: Africa

BP announced today that together with the Egyptian Natural Gas Holding Company (EGAS), it has sanctioned development of the Atoll Phase One project which is an early production scheme that 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.

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."

BP recently completed multiple transportation and processing agreements accelerating the development of the Atoll field which contains an estimated 1.5 trillion cubic feet (tcf) of gas and 31 million barrels (mmbbl) of condensates. Onshore processing will be handled by the existing West Harbour gas processing facilities.

BP announced the Atoll discovery in March 2015. The Atoll-1 deepwater exploration discovery well in the North Damietta Offshore concession in East Nile Delta was drilled using the 6th generation semi-submersible rig Maersk Discoverer. The exploration well reached a depth of 6400 metres and penetrated approximately 50 metres of gas pay in high quality sandstones. The Atoll Heads of Agreement was signed by His Excellency Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources and Bob Dudley, BP Group Chief Executive in November 2015, just eight months after the discovery.

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 DS-6 rig which arrived in Egypt last month and 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.

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


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