Cairo - Mubasher: BP Egypt has announced today the completion of its acquisition of 22.75% 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%.
The West Nile Delta project agreement, concluded in March 2015, involves the development of 5 trillion cubic feet of gas resources and 55 million barrels of condensates.
Production from WND is expected to be around 1.2 billion cubic feet a day (bcf/d), equivalent to about 25 per cent 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.
To date, BP Egypt, in collaboration with the Gulf of Suez Petroleum Co. (GUPCO), BP’s joint venture (JV) Company with the Egyptian General Petroleum Company (EGPC), has produced almost 40% of Egypt’s entire oil production, and currently produces almost 10% of Egypt’s annual oil and condensate.
In addition, through joint ventures with EGPC/EGAS and IEOC (ENI) the Pharaonic Petroleum Company (PhPC) and Petrobel BP currently produces close to 30% of Egypt's total gas.
