Economy News – Baghdad
British multinational BB has commenced production from the second phase of the Regen Gas Well Development Project in Egypt. This initiative entails the integration of additional offshore wells with the existing facilities at the Rigen Land Station, part of the West Nile Delta project.
BB holds a dominant interest of 82.75% in the project, while Harbor Energy maintains a minority stake of 17.25%.
The new wells are projected to significantly enhance output, contributing approximately 220 billion cubic feet of gas and seven million barrels of condensate.
Recently, Egypt has witnessed a downturn in natural gas production, with domestic supplies hitting a seven-year low in September 2024. This has compelled the country to resume gas imports, acquiring multiple shipments while simultaneously engaging in discussions with global oil and gas firms to attract investments aimed at offsetting the decline in natural production.
A statement from BP highlighted that the successful advancement of the Revin well development program ahead of schedule has facilitated an expedited start to production.
Nader Zaki, the regional head of BB for the Middle East and North Africa, remarked, “The Riffen well development project is critical for addressing natural declines while optimizing our existing infrastructure to promptly meet local market demands.”
“This underscores BB’s commitment to investing in Egypt,” he added.
Wael Shaheen, Vice President of BP Egypt, stated, “This series of achievements is a testament to our ongoing dedication to addressing the rising local energy demand by maximizing output from current resources and introducing new ones.”
The West Delta project encompasses numerous gas fields situated off Egypt’s northern coast, including areas around northern Alexandria and deepwater regions in the western Mediterranean.
The Revin field represents the final phase of the West Nile Delta project, which began production in early 2021. This phase involved the development of eight offshore wells located as far as 65 kilometers from the shore, in depths ranging from 550 to 700 meters.
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