BP Sells Egypt Assets to Dragon Oil
BP said on Monday it has agreed to sell its interests in Gulf of Suez oil concessions in Egypt to Dubai-based Dragon Oil, as part of the supermajor’s plan to divest more than $10 billion in global assets over the next two years.Under the terms of the deal, Dragon Oil, a wholly-owned subsidiary of the Emirates National Oil Company (ENOC), will purchase producing and exploration concessions, including BP’s interest in the Gulf of Suez Petroleum Company (GUPCO).The deal, which is subject to the Egyptian Ministry of Petroleum and Mineral Resources’ approval, is expected to complete during the second half of 2019.
Giza and Fayoum Gas Fields Come Onstream
BP on Monday announced first gas production from the second stage of its West Nile Delta development offshore Egypt, marking the second start-up in a string of new upstream projects expected to be brought on line by the supermajor in 2019.The project, which produces gas from the Giza and Fayoum fields, was developed as a deepwater, long-distance tie-back to an existing onshore plant.The Giza and Fayoum development, which includes eight wells, is currently producing around 400 million cubic feet of gas per day (mmscfd) and is expected to ramp up to a maximum rate of approximately 700 mmscfd…
BP Inks Concession Amendments with Egypt
BP has signed amendments to the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt, allowing for the development of the Nooros field, the company said on Tuesday. "BP is proud to progress the acceleration of its drilling activities in the three concession areas. The conclusion of these amendments was a critical milestone that allowed the discovery and fast track development of the Nooros field," Hesham Mekawi, BP's North Africa chief said in a statement. Noroos achieved in September a record production of 700 million standard cubic feet per day…
BP Fast-tracks Development of Atoll Discovery
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.
BP, Eni Make Gas Discovery off Egyptian Coast
Energy majors BP and Eni on Thursday announced a significant natural gas discovery off the Egyptian coast. The discovery is in the Baltim southwest exploration prospect in the East Nile Delta. It is 10 km north of the Nooros gas field which was discovered in July last year and has a production rate of 65,000 barrels of oil equivalent per day, the companies said. Italy's Eni, through its subsidiary IEOC, holds a 50 percent stake in the licence of Baltim South and BP holds the other 50 percent. The new discovery "further confirms the significant potential of the so called Great Nooros Area…
BP Egypt makes New Gas Discovery
BP Egypt announced today another important gas discovery in the Baltim South Development Lease in the East Nile Delta. The Baltim SW-1 exploration well, drilled in water depth of 25 metres by operator IEOC (Eni), reached a total depth of 3750 metres depth and penetrated approximately 62 metres of net gas pay in high quality Messinian sandstones. The discovery, which is located 12 kilometers from shoreline, is a new accumulation along the same trend of the Nooros field discovered in July 2015 and currently producing 65,000 barrels of oil equivalent per day.
BP Increases West Nile Delta Project Stakes
BP Egypt has announced today the completion of its acquisition of 22.75 per cent in the North Alexandria Concession and 2.75 per cent in the West Mediterranean Deep Water Concession from Hamburg-based DEA Deutsche Erdoel AG. The acquisition will bring BP’s working interest in both concessions of the West Nile Delta project to 82.75 per cent. The West Nile Delta project agreement, concluded in March 2015, involves the development of 5 trillion cubic feet of gas resources and 55 million barrels of condensates.
BP in Second Egypt Find
BP Egypt announced today another important gas discovery in the North Damietta Offshore Concession in the East Nile Delta. The “Atoll-1” deepwater exploration well, currently being drilled using the 6th generation semi-submersible rig “Maersk Discoverer,” has reached 6,400 metres depth and penetrated approximately 50 metres of gas pay in high quality Oligocene sandstones. Expected to be the deepest well ever drilled in Egypt, the Atoll well still has another 1 kilometre to drill to test the same reservoir section found to be gas bearing in BP’s significant 2013 Salamat discovery, 15 kilometres to the south.
BP Reports Another Gas Find off Egypt
BP has made a second large gas discovery off Egypt as part of a concession estimated to contain more than 5 trillion cubic feet, the energy company announced on Monday. BP Egypt's Atoll-1 is a deepwater exploration well located around 80 kilometres north of Egypt's Damietta and is the country's deepest well ever drilled, BP said. The company drilled the well at 6.4 kilometres depth and expects to go another kilometre deeper. "The Atoll discovery is a great outcome for our second well in this core exploration programme in the East Nile Delta," said Hesham Mekawi, BP North Africa regional president.
BP To Develop West Nile Delta Gas Fields
BP today signed the final agreements of the West Nile Delta project to develop 5 trillion cubic feet (tcf) of gas resources and 55 million barrels (mmbbls) of condensates with an estimated investment of around $12 billion by BP and its partner. The project underlines BP’s commitment to the Egyptian market and is a vote of confidence in Egypt’s investment climate and economic potential. Production from WND is expected to reach up to 1.2 billion cubic feet a day (bcf/d), equivalent to about 25 per cent of Egypt’s current gas production and significantly contribute to increasing the supply of energy in Egypt.
BP, Partners Investing in Egypt Gas Deal
British oil company BP expects to invest around $12 billion with its partners as part of a finalised West Nile Delta concession deal to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates. The supply deal will help Egypt as it tackles its worst energy crisis in decades. Rising energy consumption and decreasing production have turned it from a net energy exporter to a net importer in the last few years and caused persistent blackouts. BP said on Friday that production from the project was expected to reach up to 1.2 billion cubic feet a day…
