Wednesday, Sep 28, 2022
International Finance
Energy

Oil giants BP, Eni announce gas field discovery in Egypt

BP Egypt_IFM_Image
The discovery has been made at the Nidoco NW-1 exploratory well

Oil giants such as Italy’s Eni and UK-based BP has announced the discovery of a new gas field in Egypt, the media reported.

The discovery has been made in the Nidoco NW-1 exploratory well, located in Abu Madi West concession in the Egyptian Nile Delta.

The Nidoco NW-1 exploratory well, which was discovered in 2015,  is located 4 km north from the Nooros field. The discovery is at a water depth of 16 meters and lies on a new formation-level that had not previously been encountered in the existing Noroos field.

With regard to the oil field discovery, BP Regional President for North Africa Karim Alaa told the media, “We are pleased to deliver, together with our partners, more gas reserves and production into the Egyptian national grid.”

“The latest discovery emphasises the existing resources base and future potential of the Great Noroos area and underpins BP’s commitment to Egypt,” Alaa added.

BP also plans to have 20 GW of renewable capacity in its portfolio by 2025 as part of a strategy announced earlier this year. The strategy would see BP with 50 GW in renewable capacity by 2030.

BP’s executive vice president of gas and low-carbon energy, Dev Sanyal has confirmed that the London-headquartered company already has 20 GW of capacity under development.

Bloomberg recently reported that BP will likely see its return on average capital employed in its large oil trading business at around $2.5 billion annually.

According to Oilprice.com, European oil behemoths such as BP, Shell, and Total have vast oil trading operations and often trade more volumes of crude oil than the biggest independent commodity traders such as Trafigura, Vitol, or Glencore.

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.