DEA reduces share of offshore Egypt gas project
DEA Deutsche Erdoel has farmed down its stake in the $12-billion West Nile Delta gas project in the Egyptian sector of the Mediterranean Sea to operator BP.
HAMBURG, Germany – DEA Deutsche Erdoel has farmed down its stake in the $12-billion West Nile Delta (WND) gas project in the Egyptian sector of the Mediterranean Sea to operator BP.
The current WND Phase 1 program is designed to develop 5 tcf of gas resources. DEA will retain an interest of 17.25% in the two associated concessions.
Closure of the agreement is subject to approval from the Egyptian General Petroleum Corp.
WND, due to start up in 2017, will deliver 1.2 bcf/d, constituting roughly 25% of Egypt’s current gas production. Recently the first development well was spudded on theTaurus/Libra fields, which will be developed via a subsea tie-in to facilities operated by the Burullus Joint Venture.
The companies plan 21 wells in total on these two fields and the Fayoum and Giza fields.
Production will be fed into Egypt’s national gas grid.