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 2.5 bcfd with partners, which represents more than 50% of Egypt’s current gas production.
Development of Atoll will be executed and operated by PhPC, BP’s JV with Egyptian Natural Gas Holding Co. (Egas) and Eni SPA.
The Atoll-1 deepwater exploration well discovery was BP’s second significant Oligocene discovery in the North Damietta Offshore Concession in the East Nile Delta following the Salamat discovery 2 years ago (OGJ Online, Sept. 10, 2013).
BP and Eni last month were awarded exploration rights to two more blocks offshore Egypt following the 2015 Egas bid round (OGJ Online, Oct. 12, 2015).