Dea Looks To Boost Egypt Oil Output, Slams Algeria Terms

Germany’s Dea, recently taken over by Russian billionaire Michael Fridman’s LetterOne investment vehicle, sees the potential for oil- focused expansion in Egypt. But Algeria’s terms will have to improve. Egypt right now is the most important place for us to be,” Christoph Schlichter, Dea’s Senior VP, Production North Africa told this week’s World NOCs Congress in London.

“Since the revolution in Egypt in 2011, a lot of companies looked at the country and asked themselves whether they can invest, whether it was still a good place to invest. We did it, and basically since 2011 we doubled our production,” Mr Schlichter says. (CONTINUED - 1054 WORDS)