DEA Deutsche Erdoel AG, the German exploration and Production Company for oil and gas, plans to expand its investments in the Egyptian oil sector by injecting about $ 500 million over the next three years, for the development in the West Delta, Disouq and Gulf of Suez, The Company’s CEO told news reporters on Sunday (February 11).
“We plan to double our production in the country within the next two years,” said Maria Moraeus Hanssen, chief executive of DEA. According to “Hanssen”, DEA owns about 17.5% of the West Delta fields run by BP. The company produces around 36,000 barrels of oil and gas a day in Egypt. It accounts for about 5% of Egypt’s total oil and gas production, and natural gas accounts for about 75% of the company’s production in Egypt.
The company was informed of the intention of Egypt to offer bids for the exploration for gas and oil during the coming period, “We cannot resolve our participation in these bids so far, but we are interested in prospecting for oil and gas in northern Egypt in general,” Hanssen said.
“During the next two years, Egypt will start exporting gas in parallel with self-sufficiency of gas, and DEA is considering participating in the gas trading,” said Hanssen.
The company’s production around the world is currently equivalent to 120 thousand barrels of oil and natural gas per day, and with the implementation of the merger with the German company, “Wenterchhal”, production will rise to about 600 thousand barrels per day, according to “Hanssen”. Noting that it is expected that the initial agreement for the merger between the two companies will be in March, the merger to be completed by the end of this year.
DEA has been operating in Egypt since 1974, producing about 650 million barrels of crude oil in the Gulf of Suez region. The company is also engaged in the extraction of natural gas in Disouq region, which includes 7 natural gas fields. During the year 2012.
