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Daniel Cancian Sharecast News
09 Mar, 2015 10:53 09 Mar, 2015 12:04

BP makes second gas discovery in Egypt

Oil and gas giant BP has made a second gas discovery in his offshore site in the East Nile Delta in Egypt.

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The group said drilling on the Atoll 1 deep water exploration well has reached 6,400 metres depth, after penetrating over 50 metres of gas pay in high-quality oligocene sandstones, and will be drilled for another kilometre.

BP added that, once completed, the well will be the deepest ever drilled in Egypt and it will be testing the same reservoir section found to be gas bearing in the company’s Salamat discovery in 2013.

“The estimated potential in the concession exceeds 5 trillion cubic feet and we now have a positive starting point for the next possible major project in Egypt after BP’s West Nile Delta project," said Chief Executive Bob Dudley.

BP shares were down 0.19% to 446.15p at 11:53 on Monday.

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