Wintershall Dea has announced its exit from the Gulf of Suez concession as it decided to focus on natural gas production as a part of its Energy Transition Pathway.
The company elaborated that its work in Egypt will continue as it holds 17.25% of the major offshore West Nile Delta concession, in addition to operating the Nile Delta Disouq concession. With exploration at East Damanhour in the onshore Nile Delta, the company asserted its commitment to investing in its future in Egypt.
In this regard, Sameh Sabry, Senior Vice President and Managing Director of Wintershall Dea Egypt, said “The Gulf of Suez concession will always be a proud part of our history in Egypt. It was the foundation upon which we have built a successful, long-term business here, and it has made us a major contributor to Egypt’s energy supply.”
“Now the time is right for Wintershall Dea to focus even more on where we can best deliver value with our significant ongoing investment in Egypt,” Sabry added.
Additionally, Dawn Summers, Wintershall Dea’s Chief Operating Officer and responsible board member for Egypt, said “Egypt is one of our established core countries. We are very optimistic about Egypt’s future role as a regional gas hub and will continue to be a major German investor to the country. I would like to thank our SUCO Joint Venture partner EGPC for the excellent partnership we have enjoyed over the past decades, and all of the people who have done their upmost to make the Gulf of Suez concession the success it is. As we close this proud chapter of our oil history in Egypt, we are now excited to write new ones.”
Wintershall Dea mentioned that natural gas represents the majority of its global portfolio, elaborating that natural gas will have a growing role in achieving climate targets as it is affordable, flexible in its use, and can help to significantly reduce overall emissions when used as an alternative to coal in generating electricity and heat.