BP has signaled a green light for investment in the Phase 1 of the development of the significant Atoll gas field, offshore Egypt.

This is coming a year and three months after the company discovered the massive gas field in the North Damietta Offshore Concession in the East Nile Delta, offshore Egypt.

BP together with the Egyptian Natural Gas Holding Company (EGAS) has approved the development of the Atoll Phase 1. The Phase 1 is an early production strategy expected to produce 300 Mmscf/d gross of gas to the Egyptian gas market from H1 of 2018.

“Our confidence in the prospectivity of the area along with our ongoing commitment to Egypt and our successful history of partnership with the Ministry of Petroleum, EGPC and EGAS are allowing us to fast track Atoll from discovery to production in less than three years which is a significant achievement,” Hesham Mekawi, regional president, BP North Africa said.

The British oil major is the operator of the concession with 100%. The company in November 2015, agreed to accelerate the development of the field which is estimated to hold 1.5Tcf of gas and 31 million barrels of condensates.

Onshore operations on Atoll are to be controlled by the current West Harbour gas processing facilities.

This decision by the company to invest in the field is one out of many approvals expected from BP this year as it is planning to save money during this weak oil price regime. The oil major however, did not disclose the amount of the investment, Energy Voice reports.

Anita Fatunji