BG cautious over offshore Egypt deepwater developments

Egyptian domestic gas offtake from the West Delta Deep Marine (WDDM) development in the Mediterranean Sea has averaged close to the technical maximum of 1 bcf/d (28 MMcm/d), according to BG Group.

Nov 1st, 2013

Offshore staff

READING, UK – Egyptian domestic gas offtake from the West Delta Deep Marine (WDDM) development in the Mediterranean Sea has averaged close to the technical maximum of 1 bcf/d (28 MMcm/d), according to BG Group.

However, last month the offtake rate fell with current rates in the 700-750 MMcf/d (20-21 MMcm/d) range.

Egypt’s authorities have assured BG this level will continue through the remainder of the current quarter, but the company has asked for assurances regarding the future rate and a material improvement in the outstanding debt position before releasing funds for the next phase ofWDDM development.

The country’s continued civil unrest has delayed first gas from thePhase 9a development of the concession to later in 2014. Operations at the existing Rosetta and WDDM production facilities, and drilling of the Notus exploration well, are not impacted.

11/1/2013

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