BP has increased its stake in Egypt’s West Nile Delta gas project to 82.75 %, Ahram Online reports. The acquisition comes as German firm DEA sold a portion of its stake, in an effort to reorganize its portfolio, Egypt Oil and Gas reported.
As a part of the deal, BP gained 22.5 % of the North Alexandria Concession, and 2.75 % of the West Mediterranean Deep Water Concession of the West Nile Delta.
The West Nile Delta Project agreement was concluded in March and includes a concession of 5tcf of gas, and 55m barrels of condensates. The area is expected to produce about 1.2bcf/d, or about 25 % of Egypt’s current gas production.