BP (NYSE:BP) Makes Significant Gas Discovery

Written By Jason Stutman

Posted September 9, 2013

BP Discovers Gas in Salamat Well

BP (NYSE: BP) has announced today that it has discovered gas in its deepwater Salamat well in the Nile Delta, Egypt. The Salamat is the deepest well ever drilled in the area, reaching a total depth of approximately 7 thousand meters. Fluid samples and pressure data confirmed gas and condensate in 38m net of Oligocene sands in Salamat. BP will move forward with further appraisal to evaluate its options for developing the discovery.

Natural Gas Exports

With an abundance of natural gas spewing out across North America, domestic LNG prices have been kept relatively low. However, overseas markets are willing to spend as much as four times the price that natural gas is selling for in Louisiana’s Henry Hub. China, Japan, and Korea are building a fleet of tankers to prepare for U.S. exporters, but there are still a few obstacles left in the way. And while even the U.S. will not be able to satisfy the full LNG demand of the Asian market, there are still plenty of reasons to be bullish of natural gas. For more on the future of natural gas exports, click here.

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