BP acquire West Nile Delta for 12 billion EUR
The British conglomerate BP acquire West Nile Delta for 12 billion EUR together with its partners and will invest in extraction of oil and gas in the African country. The company will extract 5 trillion cubic feet of gas resources and 55 million barrels of condensates. The supply deal will help Egypt to treat the […]
The British conglomerate BP acquire West Nile Delta for 12 billion EUR together with its partners and will invest in extraction of oil and gas in the African country. The company will extract 5 trillion cubic feet of gas resources and 55 million barrels of condensates.
The supply deal will help Egypt to treat the worst energy crisis in the country for decades. The rising energy consumption and declining production turned the country from a net exporter to a net importer in recent years and lead to frequent blackouts. On Friday, BP said that the yield of the project is expected to reach 1.2 billion cubic feet per day, or about 25% of the gas extraction Egypt.
The oil company BP also said it would hold about 65% in the project. The extraction is expected to start in 2017. The regional president of BP North Africa said that “BP expects to double its current gas supplies in the domestic market of Egypt during this decade, when the project WND reach its peak of production”.
BP said that gas will be extracted from the two operated by BP offshore blocks under concession – North Alexandria and West Mediterranean Deepwater. The company said it believes in the potential for future research to add to the extraction of WND.
