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BP : announces third gas find in North Damietta concession area

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03/26/2017 | 06:39pm CEST

British Petroleum (BP) announced a new natural gas discovery in the North Damietta East Delta marine concession area. This is BP’s third find in that sector. The exploratory well (Katameya shallow 1) was dug to 1,961 metres in water of 108 metres in depth using the Kaher 2 drill.

Electric drill records, pressure data, and fluid samples all confirmed a 37-metre thick gas carrier layer in sand rocks. The company is now studying the possible options to link that find to the existing infrastructure.

Chief executive of BP Bob Dudley said that the new well is the company’s third find in that concession area, where the company is now developing the Atol field. He noted that continuous success proves the company’s confidence that the Nile Delta is a global gas basin.

President of BP’s North Africa division Hesham Mekawy said that the company is happy with the continued success. He added that the find proves the company’s belief in the huge reserves of gas in the area, which will help the company develop the resources, as part of its long-term commitment to Egypt.

The Katameya shallow 1 is 60 km north of Damietta, 30 km south of the Salamat field, and 35 km west of the Hapi marine field facilities. BP owns 100% of the find.

(c) 2017 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 240 642 M
EBIT 2017 12 707 M
Net income 2017 7 484 M
Debt 2017 37 210 M
Yield 2017 7,02%
P/E ratio 2017 15,62
P/E ratio 2018 12,86
EV / Sales 2017 0,61x
EV / Sales 2018 0,57x
Capitalization 110 646 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 6,46 $
Spread / Average Target 15%
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Robert W. Dudley Group Chief Executive Officer & Executive Director
Carl-Henric Svanberg Chairman
Brian Gilvary Group Chief Financial Officer & Executive Director
Cynthia Blum Carroll Independent Non-Executive Director
Paul Milton Anderson Independent Non-Executive Director
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1st jan.Capitalization (M$)
BP PLC-11.33%110 646
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