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Image courtesy of BP/Flickr.

BP said Monday that it will fast-track the development of an offshore Egypt discovery made just over a year ago.

BP and the Egyptian Natural Gas Holding Company (EGAS) have sanctioned the development of the Atoll Phase One project.

The project is an early production scheme that will bring up to 300 million cubic feet a day gross of gas to the Egyptian domestic gas market starting in the first half of 2018.

BP announced the Atoll discovery, located in the the North Damietta Offshore concession in East Nile Delta, in March 2015.

The Atoll-1 deepwater exploration well reached a depth of about 20,997 feet and penetrated about 164 feet of gas pay in “high quality sandstones,” BP said.

The Atoll Heads of Agreement was signed by His Excellency Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources and BP Group Chief Executive Bob Dudley in November 2015, just eight months after the discovery.

Atoll Phase One is an early production scheme that calls for the recompletion of the existing exploration well as a producing well, the drilling of two additional wells and the installation of the necessary tie-ins and facilities required to produce from the field.

BP recently completed several transportation and processing agreements accelerating the development of the Atoll field.

BP said the field contains an estimated 1.5 trillion cubic feet of gas and 31 million barrels of condensates.

Onshore processing will be handled by the existing West Harbour gas processing facilities.

The Atoll wells will be drilled by the DS-6 rig that arrived in Egypt last month.

BP said the rig is expected to start drilling in August and will drill about 24 months.

The company added that the success of the Atoll Phase One EPS could lead to further investment in the Atoll Phase Two full field development.

“Our confidence in the prospectivity of the area along with our ongoing commitment to Egypt and our successful history of partnership with the Ministry of Petroleum, EGPC and EGAS is allowing us to fast track Atoll from discovery to production in less than three years which is a significant achievement,”  BP North Africa Regional President Hesham Mekawi said.

BP has a 100 percent interest in the concession.