BP sanctions $12-billion gas development offshore Egypt
BP has signed the final agreements for the $12-billion West Nile Delta (WND) project.
LONDON – BP has signed the final agreements for the $12-billion West Nile Delta (WND) project.
This will involve development of 5 tcf of gas from the BP-operated offshore concession blocksNorth Alexandria and West Mediterranean Deepwater and 55 MMbbl of condensates.
BP anticipates start-up in 2017, with output from WND building to1.2 bcf/d, equivalent to around 25% of Egypt’s current gas production. All supplies will be fed into the country’s national gas grid, helping to meet the anticipated growth in local demand.
This project represents the largest foreign direct investment inEgypt, added group CEO Bob Dudley.
BP believes future exploration could add a further 5-7 tcf to the project eventually.
Hesham Mekawi, the company’s North Africa regional president, said: “BP will also continue to invest in our existing oil operations at the Gulf of Suez (through GUPCO) and gas operations in the East Nile Delta (through Pharaonic Petroleum Co.)…”
Additionally, the company plans a subsea development of the Taurus and Libra fields to existing BG-operatedBurullus facilities in the Egyptian sector of the Mediterranean Sea; and two long-distance tiebacks to shore of its deepwater Giza/Fayoum and Raven fields, which will require modifications to the Rosetta plant and integration with a new adjacent onshore plant.