50.24$US/1 Barrel
59.70$US/1 Barrel
55.10$US/1 Barrel
68.87$US/1 Barrel
75.61$US/1 Barrel
75.71$US/1 Barrel
77.66$US/1 Barrel
65.01$US/1 Barrel
64.04$US/1 Barrel
67.79$US/1 Barrel
50.11$US/1 Barrel
55.68$US/1 Barrel
55.28$US/1 Barrel
60.68$US/1 Barrel
64.72$US/1 Barrel
60.50$US/1 Barrel
62.00$US/1 Barrel
52.50$US/1 Barrel
57.50$US/1 Barrel
59.00$US/1 Barrel
485.00$US/MT
378.00$US/MT
705.00$US/MT
585.00$US/MT
508.00$US/MT
463.75$US/MT
368.00$US/MT
395.25$US/MT
678.00$US/MT
844.25$US/MT
SEATTLE (Oil Monster): International oil company BP has discovered significant oil and natural gas reserves in the King of Mariout offshore block in the Mediterranean. The announcement to this effect was made by Mostafa Madbouly, President of Egypt during a press conference held Wednesday.
According to company sources, the newly discovered exploration wells are in close proximity to its existing facilities and subsea pipelines in the West Nile Delta project. This in turn will result in easy integration of the asset into existing infrastructure. Also, this will result in boosted gas production by way of boosted offshore drilling activities, in alignment with the plan outlined by the Egyptian Ministry.
Earlier, the Ministry of Petroleum and Mineral Resources confirmed successful drilling and preparation of two additional gas production wells at the Raven Field in the Mediterranean by BP. The works in connection with linking these wells to existing networks are currently under progress. The gas production is expected to commence later this month.
The recent shift in focus to drilling activities in the King exploration area in the Mediterranean is expected to help the company find natural gas in the Lower Miocene layer.
It must be noted that Chevron, ExxonMobil and Eni also runs projects in the region.