Germany’s DEA said it will invest US$500 million in Egypt in the next three years as it looks to boost oil and gas production from its oilfields.
“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,” Maria Moraeus Hanssen, CEO of DEA Deutsche Erdoel AG, said in a statement.
The company made the same announcement to journalists in Cairo ahead of the second edition of the Egypt Petroleum Show (EGYPS).
“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,” she added in a company statement.
DEA has interest in oil fields in the Gulf of Suez and 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.
DEA has been active in Egypt since 1974 and has produced more than 650 million barrels of crude oil in the Gulf of Suez during the last three decades, it said.
The production is operated by the Suez Oil Company (SUCO), DEA's joint venture with the Egyptian General Petroleum Corporation (EGPC). DEA and EGPC recently agreed on the concession extension of the the fields Ras Budran and Zeit Bay. The onshore gas development project Disouq comprises seven gas fields and is in production since 2013.
Production from the offshore WND gas fields started 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 per cent 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.