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BP PLC

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BP : Announces First Gas at Second Stage of West Nile Delta Project

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02/11/2019 | 04:42am EDT

By Oliver Griffin

BP PLC (BP.LN) said Monday that it has reached first gas production at the second stage of its West Nile Delta development offshore Egypt, keeping it on track to produce 900,000 barrels of oil equivalent a day by 2021.

The U.K. oil-and-gas major said the milestone was the second in a string of new upstream major projects expected to be brought online in 2019.

Peak production at the second stage of the West Nile Delta is expected to be around 700 million cubic feet of gas a day, the company said.

BP said that when fully on-stream later in the year, combined production from all three phases at the West Nile Delta is expected be around 1.4 billion cubic feet of gas a day, representing around 20% of Egypt's current gas production.

The company has an 82.8% operating stake in the development. BP said all the gas produced will be fed into Egypt's national gas grid.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.06% 569.8525 Delayed Quote.14.97%
WTI 0.76% 66.19 Delayed Quote.44.85%
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Financials ($)
Sales 2019 277 B
EBIT 2019 20 613 M
Net income 2019 12 050 M
Debt 2019 42 714 M
Yield 2019 5,38%
P/E ratio 2019 12,97
P/E ratio 2020 10,85
EV / Sales 2019 0,71x
EV / Sales 2020 0,68x
Capitalization 154 B
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