Misr Insurance to cover BP’s West Nile Delta project

Egyptian state-owned Misr Insurance says it won an insurance policy to cover the construction works of West Nile Delta (WND) gas project.

With total sum insured of $4.39 billion, the policy is set to cover all risks related to assets, wells, and civil liability, Misr Insurance’s oil and gas manager Mohamed Sayed Abdel Fattah told Amwal Al Ghad on Wednesday.

In 2017, BP started natural gas output from two fields in its West Nile Delta development off Egypt’s coast, the second of seven projects that the oil and gas firm planned to launch.

The West Nile Delta project involves the development of gas and condensate fields located across North Alexandria and West Mediterranean Deepwater concessions in the Mediterranean Sea.

BP has an operating stake of 82.75 percent in the development.

The WND includes five offshore gas fields that are planned to have within 2019 a combined production of up to almost 1.5 billion cubic feet a day, equivalent to around 30 percent of Egypt’s current gas output.

Last February, BP said WND’s second stage started production. It said output at several fields in the area would help push production to almost 1.4 billion cubic feet per day this year.

The third stage of the West Nile Delta project will develop the Raven field. Production is expected in late 2019.