Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) is offering the development of the Salamat natural gas field to international oil companies after reclaiming the field from global energy giant bp last year, Asharq Business reported.
Located in the Mediterranean Sea, the Salamat field is one of Egypt’s largest gas discoveries of the past decade, with estimated reserves of approximately 1.64 trillion cubic feet.
bp’s decision to relinquish the field stemmed from a shift in its investment priorities.
The company has opted to focus on its existing deepwater operations in the northwest Alexandria area, where it continues to prioritize production activities.