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LONDON (Alliance News) - BP PLC Wednesday said it has completed the deal to increase its stake in the West Nile Delta project located in Egypt that was agreed earlier this year.
BP has now increased its stake in the two concessions that make up the West Nile Delta project through the deal signed with German-based DEA Deutsche Erdoel AG.
The FTSE 100-listed British oil company has acquired a 22.75% stake in the North Alexandria concession and a 2.75% stake in the West Mediterranean concession, pushing its working interest in the project to 82.75%.
The West Nile Delta project will involve the development of 5.00 trillion cubic feet of gas resources and 55.0 million barrels of condensates. Once up and running, the project will produce around 1.2 billion cubic feet of gas per day, which is equal to around a quarter of all gas production currently made in Egypt - making the development substantial.
Production is targeted to start in 2017, with all the gas produced being fed into the local market.
BP is one of Egypt's biggest players, producing around 40% of all the oil to ever come out of Egypt with its national partners. It already produces around 10% of Egypt's annual oil and condensate production.
BP shares were trading flat at 347.90 pence per share on Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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