BP has signed an agreement with Egypt to speed up the development of an offshore gas field.
First production from the Atoll field in the East Nile Delta – which has an estimated 1.5 trillion cubic feet of gas resources and 31 million barrels of condensates – is expected in 2018.
The ‘Heads of Agreement’ was signed with Egyptian Petroleum Minister Tarek El Molla.
Bob Dudley, CEO of BP Group 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.”
The energy giant expects to sustain its current oil production and double its gas production in Egypt before the end of the decade to 2.5 billion cubic feet per day with its partners.
Last month BP signed a £10 billion deal to supply LNG to China.