BP Hits Gas In The Baltim South Development Lease In Egypt
Zacks Investment Research | Jun 09, 2016 11:15PM ET
BP plc (LON:BP) (NYSE:BP) announced an important gas discovery in the Baltim South Development Lease in East Nile Delta.
Drilled in water depth of 25 meters by operator IEOC, a subsidiary of Eni SpA (E), the Baltim SW-1 exploration well touched a total depth of 3750 meters and penetrated about 62 meters of net gas pay in high quality Messinian sandstones.
Located 12 kilometers offshore, the discovery is a new accumulation with the same specifications as the Nooros field. Discovered in Jul 2015, the Nooros field presently has a production capacity of 65,000 barrels of oil equivalent per day. Further, appraisal activities will be required to ascertain the discovery’s full resource potential.
BP has a 50% stake in the Baltim South Development lease, while Eni holds the remaining 50%, through its subsidiary IEOC. The well was drilled by Petrobel, a joint venture between IEOC and the state partner Egyptian General Petroleum Corporation (EGPC).
In recent years, a series of discoveries has been made by BP in Egypt. Some of them are Taurt North, Seth South and Salmon and Rahamat, Satis, Hodoa, Notus, Salamat and Atoll.
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