Frustrated by a perceived lack of progress, Cairo has revoked BP’s development lease for the 1tcf Satis field. MEES understands that the lease was withdrawn in April, with Egypt now touting the asset to potential investors.
“EGAS revoked the development lease because BP was stalling and not progressing the development. They [BP] didn’t want to commit to a first gas date,” a source at Egypt’s oil ministry says. (CONTINUED - 820 WORDS)
