German company DEA plans to invest about $274m during the coming fiscal year to increase oil and gas production rates from its concessions in the Gulf of Suez and Kafr el-Sheikh.

Mohammed Beydoun, SUCO chairman, said that his company’s foreign partner has allocated investments of $ 191m to explore and develop wells in the Gulf of Suez.

He added that DEA will pump about $ 83 m into the onshore Desouk field in the ​​Kafr El-Sheikh area to develop wells, with production there to increase to 200 mcf gas per day during the first quarter of the next fiscal year, compared to 130 mcf currently.

RWE Dea had already spent $ 270 m in the Desouk field in Kafr El-Sheikh, and would spend about $ 500 m more until the end of the entire project development by 2030.

Source: Al-Boursa