DEA farms out part of West Nile Delta project
DEA Deutsche Erdoel AG has equalized its working interest and farmed down its stake in the West Nile Delta (WND) project in Egypt to its Joint Venture partner and operator BP in order to better balance its portfolio.
The deal includes the sale of a portion of DEA’s stake in the ongoing Phase 1 development of five trillion cubic feet of gas resources. With the remaining interest of 17.25% in both concessions, WND will remain the largest project in DEA’s portfolio.
The closing of this agreement is subject to approval of the Egyptian General Petroleum Corporation (EGPC).