BP Acquires Additional Interest in West Nile Delta project
BP Egypt has completed the acquisition of an additional 22.75% interest in the North Alexandria Concession and 2.75% in the West Mediterranean Deep Water Concession from Hamburg-based DEA Deutsche Erdoel AG. The acquisition will bring BP’s working interest in both concessions of the West Nile Delta (WND) project to 82.75% as seen in WorldOil
The West Nile Delta project agreement, concluded in March 2015, involves the development of 5 Tcfg and 55 MMbbl of condensates. Production from WND is expected to be around 1.2 Bcfd, equivalent to about 25% of Egypt’s current gas production. All the produced gas will be fed into the country’s national gas grid. Production is expected to start in 2017.
“We are pleased to be increasing our interest in the WND project, which is a strategic project for BP and will play a key role in helping to secure Egypt’s energy supply for many years to come. This deal is another example of our commitment to help unlock Egypt’s oil and gas potential through continued investments,” Hesham Mekawi, BP North Africa Regional President, said.