• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day Wind droughts
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 2 days Oil Prices Fall After Fed Raises Rates
  • 12 days How Far Have We Really Gotten With Alternative Energy
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 10 days The Federal Reserve and Money...Aspects which are not widely known
James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

BP Speeds Up Development Of Giant Gas Field In Egypt

Only 15 months after the discovery of a giant offshore gas field in Egypt, British Petroleum (BP) has approved its first phase development and is fast-tracking development of the 300-million-cubic-feet natural gas project.

BP said Monday that the undisclosed amount for the first phase of investment had been approved and the deepwater Atoll gas field would come online in the first half of 2018.

The field, discovered in March 2015, is estimated to contain 1.5 trillion cubic feet of gas and 31 million barrels of condensates.

"BP is proud to progress the acceleration of the Atoll project which will bring critical gas to the Egyptian market," BP Regional President Hesham Mekawi said in a statement.

BP holds 100 percent of the Atoll project, and will develop the project with Egyptian Natural Gas Holding Company (EGAS).

Phase one will include 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.

BP is a major producer in Egypt—at one point responsible for close to 30 percent of the country’s total natural gas production and 40 percent of its total oil production. Now it’s eyeing an even bigger role that would use Atoll to turn Egypt’s East Nile Delta into a major energy hub.

BP is competing for Egyptian oil and gas potential with Italian Eni, which late last year discovered the Zohr gas field in the West Nile Delta—the largest in the Mediterranean—which is slated to come on line by the end of 2017. Zohr is estimated to have 5 trillion cubic feet of potential natural gas reserves, with full-scale production expected to pump out 1.2 billion cubic feet of gas per day next year.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News