The Atoll-1 well, currently being drilled using the 6th generation semi-submersible rig Maersk Discoverer, has reached 6400m depth and penetrated about 50m of gas pay in high quality Oligocene sandstones.

Only this week, BP signed off on the West Nile Delta project with Russian oligarch Mikhail Fridman's investment vehicle Letter One Group, rekindling a relationship that seriously frayed in the past when Fridman and his partners reportedly pressed for BP group CEO Bob Dudley's dismissal as head of BP's Russian joint venture TNK-BP in 2008.

Yet it appears the best is yet to come, as the Atoll well still has another 1km to drill to test the same reservoir section found to be gas bearing in BP's significant 2013 Salamat discovery 15km to the south.

Dudley said success in Atoll further increases the super-major's confidence in the quality of the Nile Delta as a "world class gas basin".

"This is the second significant discovery in the licence after Salamat," he said. "The estimated potential in the concession exceeds 5 trillion cubic feet and we now have a positive starting point for the next possible major project in Egypt after BP's West Nile Delta project."

The Atoll discovery was the second well in BP Egypt's core exploration program in the East Nile Delta.

BP North Africa regional president Hesham Mekawi said the discovery demonstrated BP's continuous efforts to help in meeting Egypt's energy demands by exploring the potential in the offshore Nile Delta.

Atoll-1 was drilled in 923m water depth around 80km north of Damietta city, 15km north of Salamat and only 45km to the northwest of Temsah offshore facilities. BP has 100% equity in the discovery.

The West Nile Delta major project will provide more than 1 billion cubic feet per day - 25% of Egypt's current production - of gas.

To date, BP Egypt, in collaboration with the Gulf of Suez Petroleum Company - BP's joint venture company with the Egyptian General Petroleum Company - has produced almost 40% of Egypt's entire oil production, and currently produces almost 10% of Egypt's annual oil and condensate production.

BP, through JVs with EGPC/EGAS and IEOC (ENI), the Pharaonic Petroleum Company (PhPC) and Petrobel, currently produce close to 30% of Egypt's total gas production.