BP increases stake in Egypt gas project

BP increased its working interest in the $12-billion West Nile Delta gas project in Egypt.

The supermajor bought a 22.75% share in the North Alexandria Concession and a 2.75% share in a Mediterranean deepwater concession from German company DEA. Its total stake in the project is now 82.75%.

The project involves developing 141 bcm (5 tcf) of gas and 55 million barrels of condensates, yielding a production volume of around 36 mcm (1.2 bcf) per day. This equals a quarter of Egypt’s current gas output. The output will be transported to the country’s gas grid when production begins in 2017.

Egypt, the largest natural gas consumer in Africa, saw gas consumption increase by an average of 7% between 2003 and 2013, reaching 50.9 bcm (1.8 tcf) in 2013. The government approved natural gas imports by the private sector in May 2015 to keep up with increasing demand.

For more news and features about Egypt, click here.