BP Egypt, the local arm of British energy firm BP has made an oil discovery in the Gulf of Suez. The Saqqara well is largest oil discovery in the region in 14 years with estimated reserves of 80 million barrels.
According to BP, annual average plateau flow rates from the well are likely to reach 40,000 and 50,000 barrels per day.
BP Egypt has been involved in the Egyptian oil and gas industry for 40 years. Its main activities are focused around the Exploration and Production business stream. Until recently, BP Egypt’s main area of activity was concentrated in the Gulf of Suez where the Gulf of Suez Petroleum Company (GUPCO), BP’s joint venture with the Egyptian General Petroleum Company (EGPC) has produced over 4.3 billion barrels of oil since the late 1960’s.
During 2003, BP Egypt plans to drill three exploratory wells in the Gulf of Suez and to complete the high resolution aeromagnetic survey of about 13,000 square kilometers in addition to a 3D seismic survey to cover the new leases. BP Egypt is also looking for other opportunities in the Gulf of Suez and bid for six other blocks in the Gulf of Suez and the Red Sea in November 2002. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
