bp PLC has let a four-well contract to Valaris Ltd. for the Valaris DS-12 drillship to work bp’s upcoming development campaign offshore Egypt.
The contract is expected to commence late third-quarter or early fourth-quarter 2023 and has an estimated duration of 320 days. The estimated total contract value, inclusive of a mobilization fee, is $136.4 million.
bp currently produces around 60% of Egypt’s gas through a joint venture with the Pharaonic Petroleum Co. (PhPC) and Petrobel (IEOC JV) in the East Nile Delta as well as through bp’s operated West Nile Delta (WND) gas development.