BP Signs Three Concession Amendments In Egypt

(RTTNews) - BP (BP.L, BP_UN.TO, BP) said that it has signed with His Excellency the Egyptian Minister of Petroleum, Eng. Tarek El Molla, concession amendments for the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt. These amendments allowed for the economic development of the Nooros development, where the company recently achieved record production.

Hesham Mekawi, Regional President, BP North Africa said, " The conclusion of these amendments was a critical milestone that allowed the discovery and fast track development of the Nooros field in the Nile Delta offshore concession which this month achieved record production of 700mmscfd and is targeted to reach 880mmscfd by early 2017. BP will also drill additional wells in Ras El Barr and Temsah areas that are expected to bring significant gas to the Egyptian domestic market."

BP holds a 50% interest in Temsah and Ras El Barr, and a 25% interest in the Nile Delta Offshore Concession. The remaining working interest is held by ENI through its subsidiary IEOC.

In June of this year, BP announced another important gas discovery in the Baltim South Development Lease which was immediately appraised by another well Baltim SW-2. This appraisal well encountered a gas column of 102 metres overall and 86 metres net within two sand layers of Messinian age rock holding excellent reservoirs.

With this new well, the gas potential discovered in the area has reached 3 tcf of gas in place, of which about 2 tcf is in the Nooros field, with the remainder in the new Baltim South West discovery. BP and its partner ENI are already working on the development options for this discovery.