Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) has decided to offer the Satis gas field in the northern Mediterranean for development to international oil companies, following bp’s withdrawal from the project, an unnamed government official told Asharq Business.

The Satis field is a part of the North El-Borg concession and was previously operated by Pharaonic Petroleum Company, a joint venture between bp and EGAS.

The field is currently offered on the Egypt Upstream Gateway (EUG) for exploration and development.

bp exited the project last year after the contractual development period expired without production commencing.

As per the invalid development agreement with bp, plans were to produce approximately 100 million cubic feet of natural gas and 6,800 barrels of condensates per day.

The official estimated Satis reserve at around 1 trillion cubic feet of high-quality gas after processing in the petrochemical industry.