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Wintershall Dea Signs Agreement for East Damanhour Exploration

Source: www.gulfoilandgas.com 2/10/2020, Location: Africa

Wintershall Dea and Egyptian Minister of Petroleum H.E. Tarek El Molla have signed the concession agreement for the East Damanhour block. The block is located to the west of Wintershall Dea’s Disouq development in the onshore Nile Delta. During a first exploration phase of three years, starting in 2020, Wintershall Dea is planning to drill several exploration wells.

“We are excited to get back into exploration in Egypt,” says Wintershall Dea CEO Mario Mehren. “Wintershall Dea has a 45-year history in Egypt. Alongside recent investments in our operated projects at Disouq and in the Gulf of Suez, our exploration plans are a further sign of our commitment to the country.”

Wintershall Dea, through its predecessor Dea, started operations in Egypt in 1974. The country is a core area for the company. It produces gas at Disouq in the onshore Nile Delta, gas and oil in the Gulf of Suez, and gas and condensate from the offshore West Nile Delta project, operated by BP. In recent years Wintershall Dea has invested significantly in its operated projects in Egypt. Comprehensive work programs at Disouq and in the Gulf of Suez have led to a significant improvement of production, as well as maintaining asset integrity in the mature Gulf of Suez sites.

Wintershall Dea will now begin a three-year exploration phase in the East Damanhour block. Sameh Sabry, Wintershall Dea’s Managing Director for Egypt, says: “Over the years we have developed extensive knowledge and experience in this area. This, and the block’s proximity to our existing Disouq infrastructure, means that we are well placed for a quick and cost optimized development of any discovered volumes.”

Wintershall Dea sees a strong future for the E&P sector in Egypt. “EGYPS 2020 comes at an exciting time for the industry in Egypt” says Mario Mehren, CEO of Wintershall Dea. “Great potential is seen in the Eastern Mediterranean region when it comes to undiscovered gas resources. It’s an interesting region and Egypt is well-positioned to serve as an Energy Hub due to its established export facilities, which offer convenient export routes. Wintershall Dea is close to these developments, among others as an active member of the East Med Gas Forum’s Industry Advisory Committee.”

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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