The British Petroleum Company (BP) celebrates 60 years of operations in Egypt, BP CEO Bernard Looney, announced.
The concession area is located about 20 kilometers west of the Raven field in the Mediterranean Sea, with an area of about 2,600 square kilometers, at a depth ranging between 500 and 2,000 meters.
BP’s CEO, Mr. Looney, lauded President El-Sisi’s wise leadership and ambitious vision, which have led Egypt to become a successful economic and developmental model, at both the regional and international levels.
He pointed out to recent agreements signed with a number of major international companies with the aim of flourishing the oil sector and adding new reserves to Egypt's mineral wealth.
The Kattameya field is located in the North Damietta offshore concession area.
The announcement came in a joint statement by Eni, as the Operator of the Block, and bp, as contractor member.
Egypt’s production jumped by 82.7 percent on an annual basis to reach 6.5 terawatt hours (TWh), exceeding the average increase of 14.3 percent during the previous 10 years.
About 1.7 billion cubic meters of exports went to Europe, while Asia and the Pacific countries received 2.7 billion cubic meters, led by Pakistan with about 900 million cubic meters.
Italian oil and gas company Eni said it managed to drill the first exploration well in waters of Egypt’s Nile Delta, in cooperation with contractor members of BP and Total.
The meeting took up the company's activities in Egypt and the development of new gas projects as well as present and future plans.
The deal is subject to the Egyptian Ministry of Petroleum and Mineral Resources’ approval.
Molla lauded the BP's initiative and its support to talented researchers, saying that such initiatives contribute to achieving sustainable development in the society in all domains.
The agreement was signed by Chief Executive Officer of the Petroleum Authority Abed Ezz al-Ghanim, and Regional President of British Petroleum (BP) North Africa Hisham Makkawi.
Thousands of automated wells feed data on their performance into the firm’s supercomputers each evening.
BP is stronger today than at any other time since the 2010 Deepwater Horizon rig accident.
BP reported a 71 percent jump in first-quarter profit on Tuesday driven by higher oil and gas prices and increased production.
The meeting came as part of talks that kicked off in February in London to follow up underway efforts and steps to turn Egypt into a regional energy hub.
BP’s West Nile Delta project is expected to provide 25 percent of Egypt’s local gas needs after adding all the project’s fields in production.
Production from the field increased by some 50 million cubic feet of gas a day (cfd) since it started production to stand at 350 million cfd.
The two fields are expected to start production before the end of 2018, with a daily output of 500-700 million cubic feet.