The Satis discovery is located in the North El Burg offshore, Nile Delta concession, some 50km north of Damietta. The well was drilled to a Nile Delta record depth of more than 6,500 meters and is reportedly the first significant high-pressure, high-temperature, offshore Oligocene discovery.
BP stated that Satis is a major technical achievement that demonstrates the great potential of the deeper reservoirs within the Nile Delta and will require further appraisal.
The parties to the North El Burg offshore concession agreement are, the operator BP with a 50% stake and IEOC, the affiliate of Italian energy major Eni in Egypt, with a 50% interest. The Satis well was drilled by the Constellation II jack-up rig, in a water depth of 90 meters.
Andy Inglis, BP’s CEO of exploration & production, said: This is a significant discovery, which will underscore our position as a major producer in the growing Egyptian gas market for many years to come.
