Blog Coverage BP Reaches Record Production at Nooros Field and Signs Three Concession Amendments in Egypt

LONDON, UK / ACCESSWIRE / September 28, 2016 / Active Wall St. blog coverage looks at the headline from BP PLC (NYSE: BP) as the company announced on September 27, 2016, that it had signed concession amendments at three offshore concessions in Egypt. The agreement was signed with his Excellency the Egyptian Minister of Petroleum, Eng. Tarek El Molla. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

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The said amendments are for three offshore concessions – Temsah, Ras El Barr and Nile Delta Offshore. At the Temsah and Ras El Barr concessions BP holds 50% interest, whereas at the Nile Delta Offshore it holds 25% interest. The remaining interests are held by Italian energy company ENI through its subsidiary IEOC.

Commenting on the signing of the amendments, Hesham Mekawi, Regional President, BP North Africa said:

“BP is proud to progress the acceleration of its drilling activities in the three concession areas. The conclusion of these amendments was a critical milestone that allowed the discovery and fast track development of the Nooros field in the Nile Delta offshore concession which this month achieved record production of 700mmscfd and is targeted to reach 880mmscfd by early 2017. BP will also drill additional wells in Ras El Barr and Temsah areas that are expected to bring significant gas to the Egyptian domestic market.”

About the Nooros Offshore area

The amendments will pave the way for economic development of Nooros offshore area, where BP with Eni had reached record production. Both companies stated that production from Nooros reached 700 million cubic feet of gas per day, 13 months after the discovery. Due to the mature operating environment and the conventional nature of the project, BP and Eni have been able to keep production costs at the lowest. So far seven well have been operational and drilling for additional wells is in process. By spring of 2017, the maximum production capacity is expected to reach 160,000 barrels of oil equivalent per day (boed).

The Nooros field is located in Abu Madi West concession in the Nile Delta, Egypt. The development and production of Nooros field are operated by Petrobel on behalf of Nidoco Company, a joint venture between IEOC, BP, and the state company Egyptian General Petroleum Corporation (EGPC).

Gas Discovery at Baltim

On September 23, 2016, the companies had discovered gas at the second appraisal well Baltim SW 2X, where they found 86-m net gas column in two sand layers of Messinian age with excellent reservoir characteristic. Earlier in June 2016, BP and Eni had announced gas discovery at Baltim South Development lease where Baltim SW1 exploration well reached a total depth of 3,750 m, encountering 62 m of net gas pay in high-quality Messinian sandstones. With the appraisal of the second well, BP and Eni feel that the Great Nooros area is now expected to have a potential of more than 3 tcf of gas. BP and Eni, through its subsidiary IEOC, hold 50% interest each at the Baltim SW fields. The appraisal wells were drilled by Petrobel, a joint venture between IEOC and the Egyptian General Petroleum Corporation (EGPC).

The Great Nooros area is where both Baltim South West and Nooros fields are located and is 12 km from the Egyptian coastline in 25 m of water.

Stock Performance

BP PLC’s share price finished yesterday’s trading session at $33.61, slightly down 0.21%. A total volume of 4.16 million shares exchanged hands. The stock has advanced 2.96% and 12.73% in the last three months and past six months, respectively. Furthermore, since the start of the year, shares of the company has gained 13.90%. The stock has a dividend yield of 7.14%.

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