Located in the North Damietta Offshore Concession in the East Nile Delta, offshore Egypt, the field was discovered by BP in March.
The deal enables the company to accelerate the development of the Atoll field, which is estimated to hold 1.5 trillion cubic feet (tcf) of gas resources and 31 million barrels (mmbbl) of condensates, and commence initial production in 2018.
BP Group CEO 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."
The field is planned to be developed in two phases by Pharaonic Petroleum (PhPC), joint venture formed by BP with EGAS and Eni.
The first phase involves two development wells, which will be tied back to existing infrastructure. Further investment and wells will be included upon successful completion of initial phase.
Upon completion of the first phase, additional investment and further wells will be included to increase production from the field.
Besides providing additional production to the Egyptian domestic market, the new agreement is expected to help to meet Egypt’s energy demands.
The deal follows an agreement signed by BP in March for the West Nile Delta (WND) project to develop five trillion cubic feet (tcf) of gas resources and 55 million barrels (mmbbls) of condensates.
By the end of the decade, BP plans to maintain its current oil production capacity and double gas production capacity to reach 2.5 billion cubic feet per day (bcfd), with partners in Egypt. This increased production represents more than 50% of current gas production in the country.
Image: BP head office located in St. James’s, City of Westminster, London, UK. Photo: courtesy of WhisperToMe/ Wikipedia.
