German International oil and gas company, DEA group on Sunday announced that it is set to invest about $500 million in Egypt over a period of there years.
This investment which was made known by the group’s CEO Maria Moraeus Hanssen will be for the development of the company’s oil fields in the West Delta, Desouk, and the Gulf of Suez fields.
“We intend to pump around $500 million over the next three years in Egypt to develop the West Delta, Desouk and the Gulf of Suez fields,” Maria Moraeus Hanssen told journalists in Cairo
This news comes after the Egyptian Petroleum Minister Tarek El-Molla recently announced that the Egyptian Oil and Gas industry witnessed an increase of natural gas production in 2017, with the addition of 1.6 billion standard cubic feet per day (scf/day).
“Egypt’s total natural gas production has reached the 5.5bn scf/day mark in 2017, and it is expected to reach 6bn scf/day before the end of 2018” the minister said during a press conference at the flagging off ceremony of the Egypt Petroleum Show 2018.
The increase in the country’s natural gas production is attributed to the production from newly discovered Zohr, Nooros, Taurus, Libra, and Atoll gas fields. Egypt intends to speed up gas production from recently discovered fields, with an eye to halting imports by 2019.
It is worthy to note that currently Egypt still imports liquefied natural gas (LNG),
“LNG imports may continue as part of the ministry’s optimisation process, which aims to replace heavy fuel oil (mazut), sometimes used for power generation, with natural gas,” the minister said.
The German energy company has been operating in Egypt’ oil and gas exploration and development since 1974. DEA is also a partner of the British oil industry company BP in the West Nile Delta gas fields.