BP signs $1 billion deals with Egypt for the development of Atoll gas field
British Petroleum (BP) had signed a number of deals with Egypt concerning the development of Atoll gas discovery in March in the North Damietta Offshore Concession in the East Nile Delta, the Egyptian Ministry of Petroleum announced Tuesday.
The investments of this phase are estimated at a $1 billion out of $3 billion allocated for that discovery, the ministry stated, adding that the agreements were signed between the group and the Egyptian Natural Gas Holding Company (EGAS).
It is expected that this field has 1.5 trillion cubic meters of gas and 31 million barrels (mmbbl) of condensates. The production is expected to start in 2018, according to the BP Group official website.
(Source: The Cairo Post)