BP invests $35 billion in Egypt, Eni eyes drilling 20 exploration wells
BP aims to develop Qattameya natural gas field: Officials of several major oil and gas firms have revealed their plans for investing in the Egyptian market during the tenth Mediterranean Offshore Conference and Exhibition (MOC) on Tuesday.
Total investments of British Petroleum (BP) in Egypt have exceeded $35 billion, with plans to expand its operations into the North African nation, the head of BP Egypt Karim Alaa said.
The company aims to develop Qattameya natural gas field, set to start production by mid-2020, Alaa added in a statement on Tuesday.
BP is currently working on developing five wells in West Delta to raise the area’s production to 1.3 billion cubic feet per day, representing 15% of Egypt’s total gas production, Alaa noted.
Eni’s IEOC plans to drill 20 exploratory wells in Egypt during 2019 and 2020, the company’s chairman said.
The plan includes drilling eleven exploratory wells in 2019 and nine other wells in 2020, he added.
Production from Zohr field has increased by more than 700% since the beginning of its operation in December 2017, registering 2.7 billion cubic feet of gas per day in August, with plans to reach 3 billion cubic feet of gas per day from 13 wells in October.
Royal Dutch Shell, commonly known as Shell, seeks to foster cooperation with the North African nation in increasing production of crude oil, condensates, and natural gas to meet the rising local needs, Gerald Schotman, executive Vice president for upstream JVs at Shell said.
Schotman expects demand on oil and gas to increase until 2030, driven by population growth and improved living standards.
Shell supports the government’s initiative to liberalise the natural gas market to support research and exploration and boost production, he noted.