DEA Deutsche Erdoel AG equalized its working interest and farmed out its stake in the West Nile Delta (WND) project in Egypt to BP Plc (BP), the company said May 18. BP is its joint venture partner and operator.
The portion of the stake sold was for the Phase 1 development of 5Tcf of gas resources.
The WND project will remain the largest project in DEA’s portfolio, with 17.25% remaining interest in both concessions, the Germany-based company said.
Approval from Egyptian General Petroleum Corp. is required to close this agreement.
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