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Following BP’s key pledge to invest $12bn in developing the 1.2bn cfd West Nile Delta project, WND partner Dea plans to double onshore gas output by mid-2016.
As part of a deal that will see the price Dea will receive from its Disouq project in the onshore Nile delta rise to $3.50/mn BTU, the German firm will invest $240mn with the aim of more than doubling Disouq output from 140mn cfd currently to 300mn cfd by “the summer of 2016,” Egypt’s oil ministry said in a 23 March statement.
While substantially less than the amount secured in other recent deals (see table), Dea’s latest gas price represents a substantial hike on the $2.50/mn BTU it currently receives for Disouq gas. Output started up in September 2013, and hit current levels in August 2014 (MEES, 29 August 2014). (CONTINUED - 449 WORDS)
DATA INSIDE THIS ARTICLE
|table||No Longer Fixed? Egypt’S Gas Price* ($/Mn Btu)|