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.

Reporting by Karolin Schaps