Egypt OIL: BP confirms gas discovery at Fayoum-5 well

BP has discovered a gas-bearing reservoir at the Fayoum-5 exploration well in the North Alexandria area, west of the Mediterranean Sea, at a water depth of 346 metres. The well was drilled using the Valaris DS-12 rig, and electrical logging will take place in the coming days.

This marks BP’s second discovery in the western region after the King-2 well and the third in the area following Exxon’s well. The company plans to fast-track production by linking the discoveries as a single hub with the King Maryout area, leveraging their proximity to western production facilities.

The wells are expected to reduce Egypt’s annual gas import bill by around one billion dollars per year once they come online.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama