BP announced in a press release that it has signed a Heads of Agreement (HoA) with the Egyptian Minister of Petroleum, Tarek El Molla, regarding the acceleration of the development of the recent Atoll gas discovery.
BP has withdrawn its legal appeal against a range of payments made to compensate individuals and businesses affected by the 2010 Gulf of Mexico oil spill.
Osama Kamal, Former Ministry of Petroleum, told Daily News Egypt that the North Alexandria deal includes a revolving letter of credit worth the contractor’s share value in the gas that is renewed every three months.
Egypt Oil & gas learned that British Petroleum (BP) will begin production at its North Alexandria concession early 2017, rather than mid-2017, as originally planned.
Drones are being used by more than just militaries and spy agencies, companies are seeing additional value as tools in the oil and gas industry, Bloomberg