The British gas and oil excavation company BP announced it will operate the Raven field as part of the third phase of the West Nile Delta Development Project on the Mediterranean Coast, at a cost of about nine billion US dollars.
It includes five gas fields belonging to the northern Alexandria and western Mediterranean concession areas.
The field currently produces about 600 million cubic feet of gas per day, and has the capacity to produce about 900 million cubic feet of gas per day, in addition to nearly 30,000 barrels of condensate per day when gas production from the field peaks.
This comes after the start of production in the “Giza – Fayoum” fields in 2019, as well as the “Torus – Libra” fields which began production in 2017.
The gas is pumped through the newly established onshore facilities of the Raven field and then to the national gas network.
BP contributed with its partners in financing many sustainable development projects, developing key services in the local communities surrounding it.
It was also eager to maximize the utilization of local resources, as well as provide thousands of direct and indirect job opportunities through the project.
BP owns 82.75 percent of the contractor’s stake, while Wintershall Dea owns the remaining 17.25 percent.
President Abdel Fattah al-Sisi inaugurated the project on May 10, 2017.
Experimental production started in March 2017 from Torus and Libra fields with a total of nine wells, and an initial production rate of about 700 million cubic feet of gas per day, at an investment cost of about JUS$1.8 billion.
Production on the second phase started from the Giza and Fayoum fields in February 2019, with initial production rates of 400 million cubic feet per day, which later reached about 600 million cubic feet daily.
Earlier this year, the Egyptian Ministry of Oil and Mineral Resources has signed two production-sharing agreements (PSC) with Dutch Oil Company Shell for areas in the Mediterranean and Red Seas.
The agreements extend to a total area of 3,097 square kilometers in the Red Sea, and 4,550 in the western Mediterranean.
The agreement comes as Shell focuses its investments in Egypt’s marine concession areas, deep waters, and natural gas.