The Atoll gas find is expected to ease Egypt's 2bcf gas shortage and reduce its reliance on foreign gas imports, mostly from Algeria and Russia, GlobalData report revealed.

The development project is to assist Egypt as well as control the country’s rising debt problem caused by hydrocarbon imports.

BP found the Atoll field in March last year and was granted development approval by the Egyptian Ministry of Petroleum in November of the same year.

GlobalData’s study revealed that an investment of $945m will be needed for the phase 1 development of the field. The study further revealed that the country's gas shortfall will rise by 5% annually, which is the reason behind BP’s acceleration of the development using obtainable infrastructures.

The Atoll field is located in the North Damietta Offshore license. The field is BP's second deepwater find in the Nile Delta region and is part of the company's plans to boost gas output in Egypt by 2020.

With 1.5tcf of gas and 31million bbl of condensate discovered, the find alongside the significant Zohr discovery by Eni in the same region, are capable of transforming both the domestic and international gas situation in the country, Offshore Technology reports.

Anita Fatunji