Deutsche Erdoel AG has sold a portion of its stake in its West Nile Delta (WND), reports Egypt Oil and Gas. The company’s share of all WND fields is now 17.5 % – a move that is expected to optimize the company’s portfolio. The company says that it “remains committed to Egypt’s energy production.”
The West Nile Delta tract of 5tcf of gas resources in Egypt’s Mediterranean waters remains the largest project in DEA’s portfolio. The company completed the “farm-down,” with the approval of the EGPC, and the Egyptian Ministry of Petroleum, to reorganize its risk.
“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,” said CEO, Thomas Rappuhn. “We remain strongly committed to Egypt as one of our core countries, and continue to work hard with our partner BP to put West Nile Delta on stream in time and budget.”
The project is expected to begin production in 2017 at an estimated 1.2bcf/d of gas production – which would represent 25 % of Egypt’s overall gas production.
