After completing the drilling operations of their first well, Baltim SW-1, British Petroleum (BP) and Italy’s Eni have estimated the reserves in their concession area in South Baltim to equal almost 700bcf of extractable gas. The exact quantities of gas will be confirmed after drilling the second will, reported Ecofin Agency.

Daily News Egypt wrote that according to a senior source in the oil industry, the drilling of each well requires a time period of 75 days. The drilling of the Baltim SW-1 reached a depth of 4,000 metres, which included 25 metres of water.

The new discovery is located in south Baltim, east of the Nile Delta, 12km away from the Noras field that was recently found by Eni.

President of BP’s North Africa Division, Hesham Mekawi, has stated that the new discovery is comparable to the Noras field that was discovered in July 2015 and currently producing 65,000 barrels of oil equivalent a day.