A press release to Egypt Oil&Gas stated that Egyptian President, Abd El Fattah El Sisi, inaugurated the first production phase of West Nile Delta Project.
During the inauguration, Minister of Petroleum and Mineral Resources, Tarek El Molla, said that adding the production of the first phase will help the country save total of $1m/y, adding that Egypt will be saving $1.8m/y after linking the production of the project’s second phase to the national grid.
Accordingly, General Director of Agreements at the Egyptian Natural Gas Holding Company (EGAS), Abdel Hameed Juaily, commented to Egypt Oil&Gas that Egypt signed the agreement for North Alexandria Concession in 2009. Yet, work at the concession stopped due to the instability following the 25th of January revolution.
The project was revived when El Sisi called for Sharm El Sheikh Conference, noting that Egypt was keen to encourage investments in the energy field. In the conference, the Egyptian General Petroleum Corporation (EGPC) signed a Production Acceleration Agreement with BP.
The West Nile Delta project includes work in North Alexandria Concession and West Mediterranean Deep Water Concession.
Egyptian Media reported that British Ambassador to Egypt, John Casson, also attended the inauguration. Casson announced that it is investing $13b over five years to make Egypt the new energy superpower, through investments worth more than Cairo’s three-year $12b loan deal with the IMF.