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2015-12-11 19:25:00

BP COMPLETED $12 BLN

BP COMPLETED $12 BLN

BP Egypt has completed the acquisition of its stake in $12bn West Nile Delta (WND) project from Germany-based DEA Deutsche Erdoel.

As part of the acquisition, the company acquired 22.75% in the North Alexandria Concession and 2.75% in the West Mediterranean Deep Water Concession, which forms part of the WND project.

The acquisition will increase BP's working interest in both concessions to 82.75%. The deal has been completed after receiving approval from the Egyptian General Petroleum (EGPC) and Egyptian Ministry of Petroleum.

DEA said that the stake sell is part of its portfolio optimisation. 

BP North Africa regional president Hesham Mekawi said: "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." 

The agreement will involve the development of five trillion cubic feet of gas resources, as well as 55 million barrels of condensates. 

Production from WND is expected to be around 1.2 billion cubic feet a day (bcf/d) and all the produced gas will be fed into Egypt's national gas grid.

BP expects production from the project to start in 2017.

DEA Deutsche Erdoel CEO Thomas Rappuhn said: "For DEA, this is another step forward in streamlining our portfolio.

"On the one hand, we balance our exposure, on the other hand we grow by adding production and opportunities, like currently in Norway."

offshore-technology.com

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More: 

GAS FOR EGYPT: $10 BLN 

BP LOSS $3.175 BLN 

ENI DISCOVERS EGYPT 

ROSNEFT & EGYPT DELIVERIES 

EGYPT'S GAS DOWN

 

Tags: BP, EGYPT, OIL, GAS

Chronicle:

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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

BP COMPLETED $12 BLN
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URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

BP COMPLETED $12 BLN
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S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

BP COMPLETED $12 BLN
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U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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