During the WintershallDea Q3 press conference, Paul Smith, the company’s CFO told Egypt Oil & Gas that “Our biggest asset in Egypt continues to be West Nile Delta, where we are a shareholder with the operator bp. And then we have Disouq asset in Egypt as well. We have in Egypt an active infrastructure led exploration program, where we made a discovery earlier this year and this month it was put on stream producing 10 million standard cubic feet per day.”
Meanwhile, Mario Mehren, Winterhshall Dea’s CFO, praised the company’s activities in Egypt, stating that “Our latest milestone in the region comes from Egypt. We have produced first gas in the East Damanhour block on the onshore Nile Delta.”
During the press conference, the company further announced its overall performance, stating that it has achieved Solid operational performance, daily quarterly production of 324,000 barrels of Oil Equivalent (boe) for the quarter, which is 1% lower than that of 2022.
The company’s overall adjusted net income amounted to €61 million, 86% lower YoY. Meanwhile, the net debt reached €2.4 billion, while Capex increased as planned by 11% YoY to €243 million, due to higher development activity particularly in Argentina.
Wintershall Dea further announced a focused reorganization to strengthen competitiveness.
The company also announced being awarded first CCS license in UK taking the total number of CCS licenses to 4.