BP Egypt has announced the completion of its ownership of 22.75 per cent in the North Alexandria Concession and 2.75 per cent in the West Mediterranean Deep Water Concession from DEA Deutsche Erdoel AG
The West Nile Delta project agreement will see the development of 5 trillion cubic feet of gas resources and 55mn barrels of condensates, according to BP Egypt.Production from WND is set to reach 1.2bn cubic feet a day, equivalent to around 25 per cent of Egypt’s current gas production.
All the produced gas will supply Egypt's national gas grid, with production set to begin in 2017, BP Egypt noted.
“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,” said Hesham Mekawi, BP North Africa Regional President.
“This deal is another example of our commitment to help unlock Egypt’s oil and gas potential through continued investments.”
