(AFP Photo)
British Gas are investing around $400m to develop the Rashid and Burollus fields, the official spokesman of the Ministry of Petroleum Hamdy Abdel Aziz told the Daily News Egypt on Saturday.
Mohamed El Masry, president of Rashid Petroleum – the company operating the gas fields – stated that the investment will increase production from 400 to 450 million cubic feet of natural gas per day, reported state-owned newspaper Al-Ahram on Saturday – although El Masry didn’t name the British Company.
El Masry added that new wells were established in the Rashid and Burollus fields last week, increasing Rashid Petroleum’s production rate in the area to 1.5 billion cubic feet of gas per day, which represents a quarter of gas production in Egypt.
An agreement to link 10 wells from the Alexandria Burollus station held by British petroleum has been developed, with the Egypt aiming to double its gas production. This linkage will produce between 600 million and 700 million cubic feet of gas on a daily basis by the end of 2015. El Masry stated that this project targets the production of about 1 billion cubic feet of gas per day and that the development of all its wells will be completed by 2017.
Egypt’s oil minister Sherif Ismail said in June 2014 that the North Alexandria project, which was stalled for 3 years, restarted this year and that production would begin in 2017.
