BP 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.”