BP Egypt has announced today the completion of its acquisition of 22.75 per cent in the North Alexandria Concession and 2.75 per cent in the West Mediterranean Deep Water Concession from Hamburg-based DEA Deutsche Erdoel AG. The acquisition will bring BP’s working interest in both concessions of the West Nile Delta project to 82.75 per cent.
The West Nile Delta project agreement, concluded in March 2015, 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. All the produced gas will be fed into the country’s national gas grid. Production is expected to start in 2017.
Commenting on the deal Hesham Mekawi, BP North Africa Regional President said: “BP is proud of the successful partnership it has had with Egypt for more than 50 years, and its role in the development of Egypt’s energy sector.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 investments.”
BP Press Office, London, +44 (0)20 7496 4076, email@example.com
This press release contains certain forward-looking statements concerning BP's expectations regarding completion of its acquisition of 22.75 per cent in the North Alexandria Concession and 2.75 per cent in the West Mediterranean Deep Water Concession from DEA, including expectations regarding the volume of gas and condensates to be developed; the estimated level of daily production and the timing of start-up thereof; expectations regarding the project’s contribution to gas supply. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions; political stability and economic growth; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under "Risk factors" in our Annual Report and Form 20-F 2014.
This press release contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-03301 or by logging on to their website at www.sec.gov