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    BP Hikes Stake in West Nile Delta Project

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Summary

BP Egypt has completed the acquisition of 22.75 per cent stake in the North Alexandria concession and 2.75 per cent in the West Mediterranean Deep Water concession from Hamburg-based DEA Deutsche Erdoel.

by: Shardul

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Asia/Oceania

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BP Hikes Stake in West Nile Delta Project

BP Egypt has completed the acquisition of 22.75 per cent stake in the North Alexandria concession and 2.75 per cent in the West Mediterranean Deep Water concession from Hamburg-based DEA Deutsche Erdoel.

The acquisition will bring BP’s working interest in both concessions of the West Nile Delta (WND) project to 82.75 per cent, the company said in a statement published Wednesday.

The WND 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 project 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.

 

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