BP to accelerate the Atoll field in Egypt

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BP to accelerate the Atoll field in Egypt

BP announced that it has signed a Heads of Agreement (HoA) with the Egyptian Minister of Petroleum, His Excellency Eng. Tarek El Molla, regarding the acceleration of the development of the recent Atoll gas discovery. The Atoll discovery (BP 100%) in the North Damietta Offshore Concession in the East Nile Delta, offshore Egypt was announced in March 2015.

The agreement is expected to enable first production to be expedited from an estimated 1.5 trillion cubic feet (tcf) of gas resources and 31 million barrels (mmbbl) of condensates in the Atoll field to the domestic market, with production anticipated to begin in 2018.

Commenting on the agreement, BP Group Chief Executive Bob Dudley said, “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.”

Full field development of Atoll 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.

Hesham Mekawi, BP North Africa Regional President said, “BP is proud of its longstanding partnership with Egypt over the past 50 years. Today’s agreement, which will bring additional production to the Egyptian domestic market and help to meet Egypt’s energy demands, is another important milestone for BP in Egypt following our recently announced West Nile Delta major project.”

BP also expects to continue to invest in its existing oil operations led by its joint venture Gulf of Suez Petroleum Co. (GUPCO) and gas operations led by the Pharaonic Petroleum Co. (PhPC) joint venture, as well as continuing to progress its exploration program in the Nile Delta.

BP expects to sustain its current oil production and double its gas production in Egypt before the end of the decade to reach 2.5bcfd with partners, which represents more than 50% of Egypt’s current gas production.

Development of Atoll will be executed and operated by Pharaonic Petroleum Co. (PhPC), BP’s joint venture with EGAS and Eni.

For more information, please visit: www.bp.com

Source and Link: Your Project News

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Will your partner be travelling with you?

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Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

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