{"id":632517,"date":"2018-02-13T04:10:55","date_gmt":"2018-02-13T04:10:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/13\/bp-pledges-usd-1-bn-in-investment-this-year-begins-production-from-atoll-gas-field-seven-months-ahead-of-schedule\/"},"modified":"2018-02-13T04:10:55","modified_gmt":"2018-02-13T04:10:55","slug":"bp-pledges-usd-1-bn-in-investment-this-year-begins-production-from-atoll-gas-field-seven-months-ahead-of-schedule","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/13\/bp-pledges-usd-1-bn-in-investment-this-year-begins-production-from-atoll-gas-field-seven-months-ahead-of-schedule\/","title":{"rendered":"BP pledges USD 1 bn in investment this year, begins production from Atoll gas field seven months ahead of schedule"},"content":{"rendered":"

<\/a> INVESTMENT WATCH-<\/strong> BP pledges to invest USD 1 bn this year as production from Atoll gas field begins seven months ahead of schedule:<\/strong> BP plans to invest USD 1 bn in Egypt this year, BP Group CEO Bob Dudley said on the sidelines of the conference, Reuters reports<\/a>. The statement comes as BP announced<\/a> that it has started production at the Atoll Phase One project in the North Damietta concession in the East Nile Delta seven months ahead of schedule and 33% below the initial cost estimate. Atoll is now producing 350 mcf\/d and 10,000 bpd of condensate, with the main reservoir in the field containing an estimated 1.5 tcf of gas and 31 mn bbp of condensates. Phase 1 of Atoll, which has seen nearly USD 1 bn in investments, is the first new project to come into production for BP in 2018. \u201cThe longstanding partnerships we have in Egypt allowed us to fast-track Atoll\u2019s development and deliver first gas only 33 months after discovery. This is a further demonstration of our commitment to help realize Egypt\u2019s oil and gas potential and meet the increasing demand from its growing population,\u201d Dudley said.<\/p>\n

\u201cThe government owes us no money,\u201d he added.<\/strong> Egypt, whose arrears to international oil companies had reached USD 2.4 bn as of the end of FY2016-17, has pledged to eliminate arrears owed to foreign oil companies by the end of June 2019 and not to accumulate more.<\/p>\n

SOUND SMART: <\/strong>The Oil Ministry doesn\u2019t owe anything to BP and has paid down arrears to other majors, insiders tell us, but it\u2019s squeezing the cash flows of mid-sized producers. They\u2019re the next pressure point in the chain.<\/p>\n","protected":false},"excerpt":{"rendered":"

INVESTMENT WATCH- BP pledges to invest USD 1 bn this year as production from Atoll gas field begins seven months ahead of schedule: BP plans to invest USD 1 bn in Egypt this year, BP Group CEO Bob Dudley said on the sidelines of the conference, Reuters reports. The statement comes as BP announced that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-632517","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"227c2439-bda5-4f52-b21a-5a3d14158adb","order":"0","is_powered_by":true,"section_story_id":"765ea42b-415d-4399-8efb-5afdf4568494","story_type":"1","photo_url":"","photo_position":"above","related_issue":[632509],"teaser":"","voice_url":""},"yoast_head":"\nBP pledges USD 1 bn in investment this year, begins production from Atoll gas field seven months ahead of schedule - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/13\/bp-pledges-usd-1-bn-in-investment-this-year-begins-production-from-atoll-gas-field-seven-months-ahead-of-schedule\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BP pledges USD 1 bn in investment this year, begins production from Atoll gas field seven months ahead of schedule\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT WATCH- BP pledges to invest USD 1 bn this year as production from Atoll gas field begins seven months ahead of schedule: BP plans to invest USD 1 bn in Egypt this year, BP Group CEO Bob Dudley said on the sidelines of the conference, Reuters reports. 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