Release date: 9 March 2015
BP Egypt announced today another important gas discovery in the North Damietta Offshore Concession in the East Nile Delta. The “Atoll-1” deepwater exploration well, currently being drilled using the 6th generation semi-submersible rig “Maersk Discoverer,” has reached 6,400 metres depth and penetrated approximately 50 metres of gas pay in high quality Oligocene sandstones. Expected to be the deepest well ever drilled in Egypt, the Atoll well still has another 1 kilometre to drill to test the same reservoir section found to be gas bearing in BP’s significant 2013 Salamat discovery, 15 kilometres to the south.
Bob Dudley, BP Group Chief Executive, commented: “Success in Atoll further increases our confidence in the quality of the Nile Delta as a world class gas basin. This is the second significant discovery in the licence after Salamat. The estimated potential in the concession exceeds 5 trillion cubic feet (tcf) and we now have a positive starting point for the next possible major project in Egypt after BP’s West Nile Delta project.”
Commenting on the discovery, Hesham Mekawi, BP North Africa Regional President said: “The Atoll discovery is a great outcome for our second well in this core exploration programme in the East Nile Delta. It demonstrates BP’s continuous efforts to help in meeting Egypt’s energy demands by exploring the potential in the offshore Nile Delta. We are proud of our commitment to unlock Egypt’s exploration potential that requires large investments to utilise using the latest drilling and seismic technologies.”
Atoll-1 was drilled in 923m water depth around 80km north of Damietta city, 15km north of Salamat and only 45 km to the north west of Temsah offshore facilities. BP has 100% equity in the discovery.
BP press office, London: +44 (0)20 7496 4076, firstname.lastname@example.org
BP Egypt office: +202 2519 9915
This press release contains certain forward-looking statements concerning BP's expectations regarding BP Egypt’s second gas discovery in Egypt’s East Mediterranean Sea, including expectations regarding the final depth of the “Atoll-1” well; the estimated quantum of barrels in the concession and prospects for a future major project; prospects for future exploration and investment in Egypt; and the estimated daily production of the West Nile Delta Major Project. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the timing, quantum and nature of divestments; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under "Risk factors" in our Annual Report and Form 20-F 2014.
This press release contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.