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Thursday, December 10, 2015
DEA Deutsche Erdoel AG completed its farm-down of a stake in the West Nile Delta (WND) project in Egypt. Its share in all WND fields is now 17.25%. The share reduction was part of the company’s portfolio optimization.
The WND development, 5 Tcf of gas resources offshore Egypt, is the largest project in DEA’s current portfolio. The deal, signed in May, also included a restructuring of the project and an adaption of DEA’s shares in all WND fields. The farm-down has now been completed following the approval of EGPC and the Egyptian Ministry of Petroleum.
The project is scheduled to start production in 2017 and is expected to produce 1.2 Bcf/d.
“For DEA, this is another step forward in streamlining our portfolio. On the one hand, we balance our exposure, on the other hand we grow by adding production and opportunities, like currently in Norway,” said Thomas Rappuhn, CEO of German-based DEA Deutsche Erdoel AG. “We remain strongly committed to Egypt as one of our core countries and continue to work hard with our partner BP to put West Nile Delta on stream in time and budget.”
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