10 December 2015, News Wires – BP Egypt has bolstered its interest in the West Nile Delta project by buying a 22.75 percent stake in the North Alexandria Concession and a 2.75 percent share in the West Mediterranean Deep Water Concession from Hamburg-based DEA Deutsche Erdoel AG.
The acquisitions will bring BP’s working interest in both concessions of the WND project to 82.75 percent. The WND project agreement, concluded in March 2015, involves the development of 5 trillion cubic feet of gas resources and 55 million barrels of condensates.
Production from WND is expected to be around 1.2 billion cubic feet a day, which is the equivalent of around 25 percent of Egypt’s current gas production. All the produced gas will be fed into the country’s national gas grid and production is expected to start in 2017.
Commenting on the deals, Hesham Mekawi, BP North Africa regional president said in a company statement: “BP is proud of the successful partnership it has had with Egypt for more than 50 years, and its role in the development of Egypt’s energy sector. We are pleased to be increasing our interest in the WND project, which is a strategic project for BP and will play a key role in helping to secure Egypt’s energy supply for many years to come.
This deal is another example of our commitment to help unlock Egypt’s oil and gas potential through continued investments.”