Petroleum Africa
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Friday, June 12, 2015
DEA’s assets in Egypt will see some investment from the company in the coming year. In a bid to increase its oil and gas flow rates at its assets in the Gulf of Suez and Kafr el Sheikh, DEA plans to spend an estimated $274 million in the coming fiscal year.
Mohammed Beydoun, chairman of DEA’s JV in Egypt, said that his company’s foreign partner has allocated investments of $191 million to explore and develop wells in the Gulf of Suez.
DEA will spend about $83 million on the onshore Disouq field in the Kafr El-Sheikh area to develop wells, with production there to increase to 200 Mcf/d during Q1 of the next fiscal year, compared to the current rate of 130 Mcf/d.
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