The Atoll gas discovery is of national significance for Egypt as it is expected to reduce the country’s 2bcf gas deficit, according to a report by GlobalData.
Titled ‘Egypt Atoll Project Panorama – Oil and Gas Upstream Analysis Report‘, the report suggests that the development will help Egypt lower its dependence on foreign gas imports, mainly from Algeria and Russia, and thus curb its increasing debt burden due to hydrocarbon imports.
Discovered by BP in March 2015, the Atoll field gained development approval from the Egyptian Ministry of Petroleum in November 2015.
Globaldata analysis indicates that an investment of $945m will be required for the first phase development of Atoll. It further cites that the country’s gas deficit is expected to increase by 5% a year, which is the rationale behind BP fast-tracking the Atoll development using existing infrastructure.
Located in the North Damietta Offshore license, Atoll is BP’s second deepwater discovery in the Nile Delta region and figures extensively in the company’s plans for increasing gas production in Egypt by 2020.
With 1.5tcf of gas and 31Mbbl of condensate, the discovery comes on the heels of another important find by Eni in the same region, Zohr. These two prospects together are capable of changing both the domestic and international gas scenario of Egypt, according to the report.