Cairo – Decypha: British Petroleum (BP) announced in a press release a new gas discover in its North Damietta Offshore Concession in Egypt.

The discovery marks the third from the same concession in under two years. "This latest discovery confirms our belief that the Nile Delta is a world-class basin," BP Chief Executive, Bob Dudley, said.

Dubbed, the Qattameya Shallow-1, the exploration well was drilled to a depth of 1,961 metres in water depth of around 108 metres. The well is located 60 kilometres north of Damietta city. The well is fully owned by BP.

Egypt currently produces around 4.4 billion cubic feet per day (bcfd), and is working on increasing it to 5.5-6 bcfd by the end of 2017, according Ahram Online.

BP, which produces 40% of the country’s natural gas, has announced its plans to up its investment in Egypt’s petroleum industry, to reach $13 billion in the country before 2020.

By Decypha News Editorial Team