In Egypt, BP has announced that it has obtained extra stake from DEA Deutsche Erdoel in the West Nile Delta (WND) project.

This acquisition makes the company the operator of the project with 82.75% stake. 

 “We are pleased to be increasing our interest in the WND project, which is a strategic project for BP and will play a key role in helping to secure Egypt’s energy supply for many years to come. This deal is another example of our commitment to help unlock Egypt’s oil and gas potential through continued investment”, Hesham Mekawi, BP North Africa Regional President said.

In May of this year, DEA had a deal with BP to farm-down its stake in the WND project which include the sale of a portion of DEA’s stake in the current Phase 1 development, so as to balance its portfolio in the country. The phase 1 development is a 5tcf of gas resources whereby DEA will keep the remaining 17.25% interest.

However, the farm-down has now been completed after the Egyptian General Petroleum Corporation (EGPC) and Egyptian Ministry of Petroleum gave their approval.

The WND project is to commence production by 2017. Its fields are estimated to produce 1.2 Bcf/d, which represent about 25% of Egypt’s existing gas production, Offshore Energy Today reports.