(MENAFN - Daily News Egypt) BP has invested $2.7bn to implement the second phase of the North Alexandria's Giza and Fayoum gas fields to produce about 680m cubic feet of gas per day (scf/day) during the last fiscal year.
A source at the Egyptian Natural Gas Holding Company (EGAS) told Daily News Egypt that BP has started the implementation of the third phase of the Raven gas project to bring its total production output to 1.5bn scf/day early 2020.
He explained that the third and final phase of the project involves connecting 850m scf/day from the Raven field in the deep water in the Mediterranean Sea, with an average production rate of 350m scf/day.
A gas processing plant, which will receive the output of Raven field, is under construction, with a capacity of 900m scf/day, he said.
The source pointed out that the natural gas produced from the Raven field has special specifications different from the previous two stages of Libra, Torres, Giza, and Fayoum fields, and the new treatment plant is being built next to Rashid treatment plant.
Gas production from the Giza and Fayoum fields began in February with a capacity of 400m scf/day. Production rose to 680m feet in June, with the two fields comprising of eight deep water wells in the Mediterranean.
The source added that BP is developing the project of the North Alexandria deep water well in the Mediterranean in accordance with the plan agreed with EGAS.
He estimated the proven reserves of the fields north of Alexandria at about 5tn cubic feet of gas. Currently, British BP owns 82.75% of the concession, and Wintershall Dea owns 17.25%.
He explained that these wells will contribute to compensate the rate of the natural decline of domestic production and will contribute increasing production to more than 7bn scf/day.
SOURCE / MENAFN3010201901530000ID1099201269
