Continental Focus, International Reach

DEA Plans Investments and Boosts Production

Tuesday, February 13, 2018

DEA plans to invest an estimated $500 million in Egypt, according to Maria Moraeus Hanssen, the company’s CEO. The funds will be spent on developing the company’s oil fields in Egypt Hanssen said while speaking to journalists in Cairo at an industry event.

“We intend to pump around $500 million over the next three years into Egypt to develop the West Delta, Desouk and the Gulf of Suez fields,” Hanssen said.

The company also announced a significant increase of production from its oil fields in the Gulf of Suez and from the Disouq gas fields in the Onshore Nile Delta. The next phase of the West Nile Delta (WND) development is intended to contribute to the company’s target.

“Egypt continues to be an important factor in DEA’s global E&P portfolio. With targeted investment in our key assets, we plan to double our production in the country within the next two years,” said Hanssen in a press statement. “We see an upside potential in the mature oil fields in the Gulf of Suez that we aim to lift. Our Disouq gas development project will be re-developed. The development of the next three fields at West Nile Delta is making good progress too. In total, DEA plans to invest another half billion US-Dollars in the coming three years into these key assets,” underlines Hanssen.

Production from the offshore WND gas fields commenced in March 2017 from the first two fields, Taurus and Libra. The three fields Giza, Fayoum and Raven are currently under construction. DEA has a 17.25% working interest in West Nile Delta (North Alexandria and West Mediterranean Deep Water concessions), with BP being the operator and owner of the remaining share.