BP has signed an agreement with the Egyptian government to accelerate development of the offshore Atoll gas field, discovered in the East Nile Delta’s North Damietta offshore concession area in 2015. The project’s initial phase will include two development wells that will be tied back to existing infrastructure, with production to start in 2018. Completion of the first phase is expected to spur investment in additional production wells. Atoll holds an estimated 1.5 Tcf of gas resources and 31 million bbl of condensate. The field will be operated by Pharaonic Petroleum Company, a joint venture of BP, the Egyptian Natural Gas Holding Company, and Eni.
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