Significant gas discovery for RWE Dea in Egypt

(PresseBox) ( Cairo, )
RWE Dea Egypt announced today that it has made a significant deep gas discovery in the West Mediterranean Deep Water concession with its partner and the operator of the concession, BP.

The Hodoa discovery is located in the West Mediterranean Deepwater concession in the offshore region of the West Nile Delta, some 80 km northwest of Alexandria. The WMDW-7 well was drilled to a depth of 6350 meters and is the first Oligocene Deep Water discovery in the West Nile Delta area. Further appraisal work is underway. Hodoa was drilled by the Pride North America Semi-Sub rig, in a water depth of 1077 meters.

"This discovery increases our hydrocarbon resources and demonstrates further potential in our licences in the West Nile Delta region," said Ralf to Baben, Chief Operating Officer of RWE Dea AG. RWE Dea holds 20% of the West Mediterranean Deepwater concession with BP as operator holding 80%.

In July, RWE Dea announced that the company will invest about 3.6 billion US-Dollars in the field development of the North Alexandria and West Mediterranean Deep Water concessions - the biggest single investment for the upstream company to date. Planning provides for a production period of about 20 years in the first phase. During the plateau phase, which will be reached within 2015, more than 3 billion cubic metres of gas (RWE Dea share) will be produced annually. Development of further natural gas potential like the Hodoa discovery will take place in a second phase.

RWE Dea and its legal predecessor have been operating in the upstream segment in Egypt since as far back as 1974 and, as an operator, can look back on almost three decades of oil production in the Gulf of Suez. In recent years the company made a number of major gas discoveries in Egypt and boosted its activities considerably with the acquisition of additional concessions. Currently, RWE Dea holds a total of 13 onshore and offshore concessions, covering a net acreage of about 13,300 square kilometres.
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