BP drills deepwater exploration well offshore Egypt

CAIRO, October 8, 2014 – Last week, BP announced that it had begun drilling the Atoll-1 deepwater offshore well to mark the second gas exploration well in the North Damietta Offshore concession.

BP has a 100-percent working interest in this high pressure, high temperature well, being drilled using Maersk Discoverer in 923 metres of water to a total depth of approximately 7,400 metres.

The drilling activity is expected to continue into the summer of 2015. It marks newfound investor confidence from international companies in a market still rebounding from revolution and political instability, thanks to the assurances made by the Ministry of Petroleum to pay back $2 billion-3 billion of more than $6 billion in debt by the end of 2014.

Read our latest insights on: