British Petroleum company (BP) announced production from Raven gas field within the third stage of its major West Nile Delta (WND) development off the Mediterranean coast in Egypt.
Raven gas field’s production capacity is currently 600 million cubic feet of gas, in addition to 30,000 barrels per day of condensate, the company said.
BP said in a press release that the field’s production rose to 900 million cubic feet at its peak.
The cost of the three-stage project is at $9 billion, and it was undertaken in partnership with the Egyptian Ministry of Petroleum, according to the statement.
Raven gas field
The project also includes five gas fields in northern Alexandria and the offshore deep-water concession squares in the western Mediterranean.
The company said the production of the Nile Delta region would make an important contribution to meeting Egypt’s sustainable needs and gas demand.
Egypt relies on gas as an essential element in operating factories, transportation sector, heating in governmental and private institutions, and even the housing sector.
In a related context, BP said earlier it had incurred a net loss of $5.6 billion during 2020.
This is the first loss for the British company in ten years due to the pandemic and the decline in global oil demand.
According to a BP statement, the profits for the comparative period amounted to about $10 billion during 2019.
The company also stated that its profits in the fourth of quarter 2020 recorded a decrease by 95.6% to $115 million, compared to $2.6 billion in the same period of the previous year.
During the past year, BP laid off 15% of its total workforce (about 10,000 employees), in an attempt to control expenses and optimal use of human resources in conjunction with the decline in the company’s operational activities.
The quarterly data also indicated that its results were severely affected by the decline in fuel and gas sales, weak profits for refining and trade activities, as well as a decrease in the value of exploration assets.