Upstream investment accelerates

摘要

Egypt has secured significant investment to develop recent high-profile natural gas discoveries, although longer-term hopes to restore net gas exporter status may depend on the success of upstream licensing rounds. BP plans to fast-track development of the 1.5 trillion ft~3 (42.5bn m~3) Atoll field, in Egypt’s North Damietta offshore area. It expects output in the first half of 2018 at 300mn ft~3/d (3.1bn m~3/yr). “Our confidence in the area and our commitment to Egypt… allows us to fast-track Atoll from discovery to production in less than three years,” BP says. And Italian firm Eni has fast-tracked production from its landmark 30 trillion ft~3 Zohr gas find. It expects output from late next year, having discovered the field less than a year ago.