LONDON, June 20 (Reuters) - British oil major BP hasapproved investment in the first phase of developing the largeAtoll gas field offshore Egypt, only 15 months after it firstannounced its discovery.
BP, which declined to give an investment figure for theproject, said the field was on track to deliver its first gas inthe first half of 2018, set to pump 300 million cubic feet a dayof gas to the Egyptian market.
BP decided in November to fast-track the development ofAtoll, estimated to contain 1.5 trillion cubic feet of gas and31 million barrels of condensates.
The company is in a tight race with other oil and gasexplorers in the region to develop the Mediterranean's hugeuntapped fossil fuel reserves.
Italy's ENI discovered the Mediterranean's largestgas field, Zohr, last year and plans to bring the field onstream by the end of 2017.
BP's decision to invest in the Atoll field is one of only ahandful of go-aheads the oil major is expected to give this yearas it seeks to save cash amid weak oil prices. (Reporting by Karolin Schaps)
BP (BP.)
