Production from Egypt’s offshore gas field Atoll has started seven months ahead of schedule, BP announced in a press release on Monday.
The company also announced savings in expenditure, with the Atoll Phase One project being delivered 33 percent below the initial cost estimate.
“The longstanding partnerships we have in Egypt allowed us to fast-track Atoll’s development and deliver first gas only 33 months after discovery,” said Bob Dudley, BP group chief executive.
“This is a further demonstration of our commitment to help realise Egypt’s oil and gas potential and meet the increasing demand from its growing population,” Dudley added.
Gas is now being produced from the field at 350 million cubic feet of gas per day (cfpd), in addition to the production of 10,000 barrels of condensate per day.
Production from the field, located in the North Damietta concession in the East Nile Delta, will feed into Egypt’s national gas grid.
Egypt’s natural gas production currently stands at 5.5 billion cfpd, Petroleum Minister Tarek El Molla said earlier this month.
Production is expected to reach 6 billion cfpd by year-end.
BP announced the discovery of Atoll gas field in March 2015.
The field’s main reservoir is estimated to hold 1.5 trillion cubic feet of gas and 31 million barrels of condensates.
“The Atoll Phase One project is an early production scheme involving almost $1 billion investment,” the BP press release read.
“Atoll is our first major project in Egypt to be delivered in 2018, following the West Nile Delta Taurus and Libra project and then Zohr last year,” said Hesham Mekawi, Regional President, BP North Africa.
“We are extremely proud of Atoll’s efficient execution through our joint venture, the Pharaonic Petroleum Company,” Mekawi added.
Trial production from Atoll began in December at a production capacity of 300 million cubic feet per day of gas.
BP acquired a 10 percent stake in the Shorouk Concession from Eni last year; the concession contains the giant Zohr gas field, which began production in December.