BP Egypt has completed its acquisition of 22.75% in the North Alexandria Concession and 2.75% in the West Mediterranean Deep Water Concession from Hamburg-based DEA Deutsche Erdoel.
The acquisition will bring BP’s working interest in both concessions of the West Nile Delta project to 82.75%.
The West Nile Delta project agreement, concluded in March 2015, involves the development of 5 Tcf of gas resources and 55 MMbbl of condensates. Production from WND is expected to be around 1.2 Bcf/d, equivalent to about 25% of Egypt’s current gas production. All the produced gas will be fed into the country’s national gas grid. Production is expected to start in 2017.
Commenting on the deal Hesham Mekawi, BP North Africa Regional President said: “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.”