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International oil companies are warming up again to the lure of Egypt’s oil and gas potential. Despite receivables edging up since the start of the year, most firms have been keen to highlight the positives as the government attempts to wade through the bureaucratic red tape that has held them back.
UK major BP is increasing its stake in Egypt’s West Nile Delta (WND) gas fields to 82.75% after agreeing to purchase part of its partner, upstream firm Dea’s holdings, in the mega project.
The project is split over two concessions, North Alexandria and Mediterranean Deepwater, with BP keeping operatorship and 82.75% of both blocks and Dea taking 17.25%. BP had previously held 60% in North Alexandria and 80% in Mediterranean Deepwater while Dea held 40% and 20% respectively. (CONTINUED - 1751 WORDS)