bp starts production at second phase of Egypt's Raven field
bp has announced the start of production from the second development phase of the Raven field, offshore Egypt, which involves the subsea tieback of additional Raven infill wells to its existing onshore infrastructure as part of the West Nile Delta (WND) project.
bp, the operator, holds an 82.75% stake in the project, while Harbour Energy owns the remaining 17.25%.
The new wells are expected to produce approximately 220 billion cubic feet of gas and 7 million barrels of condensate. The project was safely executed ahead of schedule, allowing for an accelerated start of production.
Nader Zaki, bp Regional President for the Middle East and North Africa, commented: 'Since January 2024, we have not stopped drilling for one day. The focus of the Raven Infills project has been to fight natural decline and increase production while maximizing our existing infrastructure to meet Egypt's domestic market demand at pace. This further demonstrates bp's commitment to investing in Egypt, enabled by the unparalleled support and partnership with the Ministry of Petroleum, EGPC, and EGAS.'
Zaki,added: "The focus of the Raven Infills project has been to fight natural decline and increase production while maximizing our existing infrastructure to meet Egypt's domestic market demand at pace."
Wail Shaheen, VP bp Egypt, added: 'The safe start-up of this project follows our recent announcement of the successful completion of the El King exploration well. This series of achievements embodies our ongoing commitment to helping meet the increasing local energy demand by optimizing production from available resources while adding new ones.'
The WND Gas Development comprises a series of gas condensate fields located offshore Egypt, within the North Alexandria and West Mediterranean Deepwater concessions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
28-05-2025
- Gulf Insider
North Sea Oil Producer Slams The UK's Windfall Tax
The chief executive of Enquest criticizes the UK's Energy Profits Levy, claiming it is doing 'irreversible damage' to the oil and gas industry and discouraging investment. Due to the heavy tax burden, the company is planning a 'disciplined approach' to investment and expects to pay a significant amount in windfall tax in June 2025. Enquest argues that the UK is the only country levying a windfall tax on its domestic energy producers where no windfall profits exist, further impacting competitiveness. The boss of Enquest has slammed the windfall tax on oil and gas firms as doing 'irreversible damage' to the industry and 'driving job losses across the sector'. Amjad Bseisu, Enquest's chief executive, called for the North Sea tax to be scrapped in an operations update on Tuesday after claiming it makes the UK a less attractive place to invest. The UK Energy Profits Levy (EPL) was introduced in May 2022 and applies to oil and gas companies operating in the North Sea. It is designed to tax the extra profits these companies made due to surging energy prices after Russia's invasion of Ukraine. Initially, the rate was 25 per cent, but it later jumped to 35 per cent in January 2023. The tax has been extended by Chancellor Rachel Reeves to run until March 2030, but has a 'price floor' mechanism, which allows it to end early if prices fall significantly. London-listed company Harbour Energy slammed the government's 'punitive fiscal position' earlier this month as it axed 250 jobs in Aberdeen. Bseisu argued: 'The recent stepdown in commodity prices has further amplified calls for the UK government to remove the Energy Profits Levy and return the North Sea to a position of global competitiveness.' The World Bank last month forecasted that weakening global growth amidst geopolitical turmoil was set to push commodity prices down 12 per cent in 2025, followed by another five per cent in 2026. This would mark the lowest levels of the 2020s and bring an end to the price boom fuelled by the COVID-19 pandemic recovery and the Russia and Ukraine war. Bseisu said the UK was 'the only country levying a windfall tax on homegrown energy producers, where no windfall profits exist.' As a result of the heavy tax burden, the FTSE 250 firm has laid out a 'disciplined approach' to investment plans for the next 18 months. The company plans to pay nearly $100m (£73.7m) in windfall tax in June 2025, which would mean most tax payments for the year will be made in the first half. As a result, the firm expects cash outflows to to be lower in the final six months of the year. Enquest expects operating expenses to top $450m in 2025 but remains committed to 'ongoing' cost reductions. Bseisu said: 'We remain focused on delivering a material UK transaction in the short term, and we are resolute in our belief that our relative advantages, both operational and fiscal, see us ideally placed as a North Sea consolidator.'
Trade Arabia
22-05-2025
- Trade Arabia
Broaden Energy to establish $124m facility in Kezad
Khalifa Economic Zones Abu Dhabi (Kezad Group) and Broaden Energy have announced the signing of a 50-year land lease agreement to establish a key manufacturing facility in Kezad Area A (KEZAD Al Ma'mourah). The agreement was signed at the fourth edition of Make it in the Emirates (MIITE) in Abu Dhabi. This marks the first phase of Broaden Energy's new manufacturing complex, publicly announced in partnership with Abu Dhabi Department of Economic Development (ADDED) last year. It represents a major expansion of the company's capabilities in local hydrogen generation, refueling, and storage systems in the UAE, and will be the first facility of its type in the region. UAE-based Broaden Energy has invested AED455 million to set up its 80,000 square metre facility that will deliver sustainable solutions utilising renewable sources of energy such as hydrogen, solar and wind power. Operations at the company's new facility in KEZAD are set to create around 1,000 direct permanent new jobs. Abdullah Al Hameli, CEO, Economic Cities and Free Zones, said: "Renewable energy is crucial to Abu Dhabi's mission to diversify the energy solution mix for economic development. In alignment with the UAE Energy Strategy 2050 for net zero emissions, we are highly focused on expanding the scope for renewable energy sector growth in KEZAD." "The partnership with Broaden Energy reinforces our commitment to facilitate manufacturing innovation for the sector," he stated. Adnan Sokolija, CEO, Broaden Energy, said: "The agreement with KEZAD marks a critical step in Broaden Energy's expansion plans. We are committed to developing advanced solutions that not only align with the nation's local manufacturing initiatives for long-term industrial growth but also contribute to Abu Dhabi's clean energy development."
Gulf Insider
28-02-2025
- Gulf Insider
BP Looks To Double Its Market Value To $200 Billion, Says CEO Auchincloss
BP's CEO is setting an ambitious goal to more than double the company's market value to $200bn within five years, restoring it to pre-Deepwater Horizon levels, according to the Financial Times. Murray Auchincloss told the Financial Times that BP plans to take advantage of 'tremendous' demand for oil and gas after abandoning its push into green energy. 'At the end of the decade, it would be nice to be back to where we were before Macondo,' he said, referring to the disastrous oil spill that cost BP $62.5bn in clean-up efforts. His comments followed BP's decision to cut annual spending on renewables by 70% and shift its focus back to fossil fuels. The company's current market value stands at just under £70bn ($89bn). BP's latest strategy shift acknowledges that the energy transition is progressing more slowly than anticipated, though the market response has been anything but euphoric. 'Oil and gas demand is going to be around for a long time,' said CEO Murray Auchincloss when asked about BP's future beyond 2050. He pointed to the rising electricity needs of data centers, making gas a crucial fuel source. 'The challenge is how do we decarbonize this stuff as much as you can,' he added, noting BP's active efforts in carbon capture. Click here to read more…
