BP, in its freshly-released 2018 annual report, reveals it wrote off $236mn in Egypt exploration spending last year, “the most significant being $169mn in connection with withdrawal from the Rahamat lease.”
The 2008 Rahamat-1 discovery was made in the shallow (19ms) waters of the Mediterranean northwest of Cairo. State firm Egas at the time pegged reserves at 408bcf, whilst BP as recently as early 2018 listed Rahamat among key Egypt finds awaiting development. (CONTINUED - 201 WORDS)