The Pharaonic Petroleum Company awarded UK’s Subsea 7 with offshore contract to operate Egypt’s Atoll field, reported Maritime Herald. The contract is value at $300m, this includes engineering, procurement, and construction work, in addition to the installation of the 105km umbilical and 40km rigid pipelines, as well as associated structures to tie it in with the existing Taurt field at a water depth of 100m, informed PennEnergy.
Engineering and procurement services have already started. While, the offshore work will be executed in the second half of 2017 and early 2018, using the Subsea 7 vessels Seven Borealis, Seven Eagle, and Seven Arctic.
Subsea 7’s Regional Vice President for Africa, Gilles Lafaye, said: “we are delighted to strengthen our presence in Egypt. This substantial contract award recognizes our technical expertise and track record of strong execution for Pharaonic Petroleum Company,”
Atoll field is located in 900m water depth in the North Damietta offshore concession in the East Nile Delta. The operator of the offshore field is Pharaonic Petroleum Company, which is joint venture company between Egypt state-owned Egyptian General Petroleum Corporation (EGPC) and BP Egypt. BP announced the Atoll discovery in March 2015, with a production capacity estimated at 1.5tcf of gas and 31m barrels of condensates.