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."
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