BP Signs Amendments to Three Concession in Egypt

By Razak Musah Baba

LONDON--BP PLC (BP.LN) Tuesday signed amendments to the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt and said production from the Nooros field hit a record.

The U.K. oil company said the three amendments, signed with Egyptian Minister of Petroleum Tarek El Molla, allowed for the economic development of Nooros.

The Nooros field in the Nile Delta offshore concession this month achieved record production of 700 million standard cubic feet per day, or mmscfd, and is targeted to hit 880 mmscfd by early 2017, BP said.

BP will also drill additional wells in the Ras El Barr and Temsah areas that are expected to bring significant gas to the Egyptian domestic market, it said.

BP holds a 50% interest in Temsah and Ras El Barr, and a 25% interest in the Nile Delta Offshore Concession. The remaining working interest is held by Eni SpA (ENI.MI) through its unit IEOC.

At 1440 GMT, BP shares were down 5 pence, or 1.1%, at 427 pence, valuing the company at GBP80.84 billion ($105 billion).

-Write to Razak Musah Baba at [e-mail]; Twitter: @Raztweet

(END) Dow Jones Newswires

September 27, 2016 11:14 ET (15:14 GMT)

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