LONDON, July 5 -- BP PLC has taken full control of the West Mediterranean Deep Water Area Concession in the offshore Nile Delta area with the acquisition, announced Thursday, of TotalFinaElf SA's 50% interest.
The deal, for an undisclosed sum, gives BP as operator a 100% interest in the concession, where a first exploration well is to be spudded later this year.
Recently appointed BP Egypt Pres. Hesham Mekawi said the Nile Delta deal represented a "further deepening of (the company's) interests in a core exploration area.
"It complements our positions in the adjacent North Alexandria and North Idku concessions, where we have enjoyed four recent successful exploration wells, proving up over 2 tcf of new gas resources," said Mekawi.
The West Mediterranean Deep Water Area Concession was awarded to BP and Elf Hydrocarbures Egypte in May 1999 for an initial term of 5 years with a commitment to spend $48 million and drill one well.
