PHOTO
Egypt - BP is set to increase its daily natural gas production in Egypt from the West Raven-4 well in the Mediterranean Sea by around 200 million cubic feet and 8,000 barrels of condensate next October, a government official told Asharq Business.
This follows an agreement with the Egyptian Minister of Petroleum and Mineral Resources Karim Badawi to expedite the drilling of two wells at the Raven field and connecting them to the production grid.
In return, the Egyptian government has committed to paying bp's outstanding dues according to an agreed-upon schedule.
The British company is investing over 400 million cubic feet in drilling two wells during the current fiscal year 2024/2025, the official noted.
The first well is scheduled be operational in October with an estimated 200 million cubic feet per day in production capacity, while the second well is expected to start operations next February with a daily output of around 200 million cubic feet, he added.
To encourage increased natural gas production, Egypt recently introduced new incentives for foreign companies, allowing them to export a portion of the new output.
The proceeds from these exports can be used to settle outstanding dues.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).