BP enlarges its stake in major gas project in Egypt’s Nile Delta

BP Egypt announced on Wednesday expanding its stake in the country’s West Nile Delta (WND) gas project to 82.75 percent after completing the acquisition of additional interest from Hamburg-based DEA Deutsche Erdoel AG, the company said in a release on its official website.

The UK-based company, one of world’s leading oil and gas companies, said it has acquired 22.75 percent in the North Alexandria Concession and 2.75 percent in the West Mediterranean Deep Water Concession of the WND.

The WND project agreement concluded last March, involving the development of 5 trillion cubic feet of gas resources and 55 million barrels of condensates and is expected to produce around 1.2 billion cubic feet per day (equivalent to about 25 percent of Egypt’s current gas production) in 2017, BP said.

DEA said in May on its website that it had farmed down its stake in the $12 billion WND project BP “in order to better balance its portfolio.”

source:Reuters