BP, RWE DEA, and EGPC have signed an agreement for a nine billion dollar gas field development project in two West Nile Delta concessions offshore northern Egypt.
RWE Dea’s $3.6 bn commitment represents the German company’s largest single investment in its history.
The fields in the North Alexandria and West Mediterranean Deep Water concessions, 40 km off the Egyptian coast, hold gas reserves of over 50 bcm. They include the Pliocene Giza, Taurus, Libra, Favoum, and Ruby fields and the high-pressure/high-temperature Raven field in deeper Miocene formations.
The project is due to deliver first gas in 2014. During the following year, output should approach a peak of 1 bcfe/d.
First-phase facilities are designed to develop 5 tcf of gas and associated condensate over a 20-year period through subsea development of five offshore fields connected to a new purpose-built onshore gas terminal on the Egyptian coast.
According to RWE Dea, second-phase work will focus on development of further gas potential, including structures already discovered in the concession areas.