17th Sep 2019 11:16
(Alliance News) - On Tuesday it was announced that production has begun at the offshore Baltim South West gas field in Egypt, in which Eni SpA and BP PLC are contractors.
Eni holds a 50% interest and BP PLC the remaining 50% interest of the contractor's stake in the Baltim South development lease.
The project is executed by Petrobel, an operating company jointly held by Eni and state company Egyptian General Petroleum Corp, on behalf of Medgas. Medgas itself is jointly held by contractors Eni and BP and by Egyptian General Petroleum.
Located 12 kilometres from the Mediterranean cost of Egypt, the field was discovered by Italian oil and gas firm Eni in June 2016, and is online only 19 months after its final investment decision was approved in January 2018.
With BSW1, the first well, Baltim South West has started and the field is currently generating an initial rate of 100 million standard cubic feet of gas per day from an offshore platform linked to the Abu Madi Gas Plant.
The development programme for Baltim South West includes another five wells and is aiming for 500 million standard cubic feet per day of gas "by the second quarter of 2020".
Shares in BP were up 1.1% at 530.30 pence in London on Tuesday.