BP of UK said it has raised its stake in the West Nile Delta (WND) gas development in Egypt to 82.75%, after completing a deal with Hamburg-based DEA.
The oil and gas giant bought 22.75 per cent in the North Alexandria Concession and 2.75 per cent in the West Mediterranean Deep Water Concession from DEA, according to a statement released on Wednesday.
The West Nile Delta project agreement, concluded in March this year, 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, according to BP.
All the produced gas will be fed into the country’s national gas grid. Production is expected to start in 2017.