Egypt: Total Announces Gas Discovery in Shallow Waters
28 July 2020 - 7:58PM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT), bp and Eni (as the
Operator) have made a gas discovery with the Bashrush well on the
North El Hammad license, located eleven kilometers off the Egyptian
coast.
The well encountered 102 meters net gas pay in high quality
sandstones of the Abu Madi formation. A production test was
conducted with flow rates of up to 32 million standard cubic feet
of gas per day (MMscf/d), limited by testing facilities. It is
estimated that future deliverability per well will be up to 100
MMscf/d, along with up to 800 barrels of condensate per day. Future
plans foresee development through tie-in to nearby existing
infrastructures.
“We are very pleased to announce this discovery in Egypt. These
results support our strategy to allocate a significant share of our
exploration budget to the search of hydrocarbons in the vicinity of
existing infrastructures,” said Kevin McLachlan, Senior Vice
President Exploration at Total. “These resources have low
development costs since they can rapidly be tie-in and put into
production.”
Total holds a working interest of 25% in the North El Hammad
license, alongside operator ENI (37.5%) and BP (37.5%).
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major.
* * * * *
Cautionary Note This press release, from which no legal
consequences may be drawn, is for information purposes only. The
entities in which TOTAL SE directly or indirectly owns investments
are separate legal entities. TOTAL SE has no liability for their
acts or omissions. In this document, the terms “Total”, “Total
Group” and Group are sometimes used for convenience. Likewise, the
words “we”, “us” and “our” may also be used to refer to
subsidiaries in general or to those who work for them. This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TOTAL SE nor any of its subsidiaries assumes
any obligation to update publicly any forward-looking information
or statement, objectives or trends contained in this document
whether as a result of new information, future events or
otherwise.
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