BP announced Thursday that it has signed an agreement with the Egyptian Minister of Petroleum to accelerate the development of the Atoll gas discovery, located in the North Damietta Offshore Concession in the East Nile Delta, offshore Egypt.
Full field development of Atoll, which is estimated to hold 1.5 trillion cubic feet of gas resources and 31 million barrels of condensates, is expected to consist of two phases. The first phase will consist of two development wells tied back to existing infrastructure, with production expected to start up in 2018. Success of this first phase is expected to trigger additional investment and further wells to increase production.
Commenting on the agreement, BP Group Chief Executive Bob Dudley commented in a company statement:
“We are pleased to be making rapid progress towards the development of Atoll less than eight months after the announcement of its discovery. This is further demonstration of our continued confidence in Egypt, a key growth area for BP, and our commitment to continue to invest to unlock its energy potential.”
The development of Atoll will be executed and operated by Pharaonic Petroleum Co, BP’s joint venture with EGAS and Eni.