Set of portfolio measures finalised at RWE Dea Egypt

Set of portfolio measures finalised at RWE Dea Egypt

RWE Dea AG reached an agreement with INA-INDUSTRIJA NAFTE d.d. on the sale of its 50% interest of the East Yidma Concession and with Apache Mediterranean Corporation of its 35% interest in the West Mediterranean Area (Block 1) Concession in Egypt. Moreover, RWE Dea has brought in INA as partner in the last exploration campaign on the Disouq concession and was awarded a new offshore exploration concession.
“RWE Dea Egypt has recently finalised a set of portfolio measures aimed at divesting two of its non-operated assets and at sharing the exploration risk of deep targets while, at the same time, acquiring new acreage for near-field exploration activities”, explained Max Fellner, General Manager of RWE Dea Egypt. More specifically, RWE Dea Egypt has divested its 50% interest in the East Yidma concession and its 35% interest in the West Mediterranean Area (Block 1) concession, while bringing in INA as partner in the Disouq concession and winning the bid for the East Ras Budran concession.
The East Yidma concession is operated by the Croatian company INA-INDUSTRIJA NAFTE d.d. (“INA”), holding the remaining 50% share, and was awarded to both companies in 2004. The RWE Dea share of the oil field production is about 400 bbl/d. RWE Dea’s 50% interest will be taken over by the operator of the concession.
The West Mediterranean Area (Block 1) concession is operated by Apache Mediterranean Corporation (“Apache”), holding a 65% share of the concession. The RWE Dea share of the oil field production is about 150 bbl/d. RWE Dea farmed into the concession in 2001 with a 35 % interest. This share will now be taken over by the operator.
Within the International Bid Round 2011 of the Egyptian General Petroleum Corporation (EGPC), the East Ras Budran Offshore concession in the Gulf of Suez has been awarded to RWE Dea as operator with 80% share. It is situated adjacent to the company’s operated production license Ras Budran near the shore of the eastern Gulf of Suez coast and increases the company’s number of operated licenses in Egypt from 5 to 6.
In order to improve its portfolio, RWE Dea conducts reassessments continuously. This set of portfolio measures in Egypt will allow RWE Dea to focus resources towards other, more material projects. All transactions are subject to the approval of the relevant authorities.
RWE Dea Egypt and its predecessor organisation have been operating successfully in Egypt since 1974 and, as operator, can look back on 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. RWE Dea has a total of 13 onshore and offshore concessions in Egypt, across a concession area of about 19,000 square kilometres.
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