RWE Dea will substantially step up its investments in field development projects in Egypt this year, said Christoph Schlichter, senior vice president of production, North Africa yesterday.
Addressing the media in Cairo Schlichter said that despite difficult market conditions, RWE Dea was committed to its investment plans. “Our strategic objective remains to double production of crude oil and natural gas. Our activities in Egypt play an important part in this regard.”
A substantial share of RWE Dea investments will be channelled into extensive exploration and production projects in Egypt. “In 2009, we plan to make investments of about US$312 million in Egypt, about 20% more than last year”, added Hans-Hermann Andreae, general manager of RWE Dea Egypt.
In recent years, RWE Dea already managed to considerably extend its activities in Egypt thanks to major gas finds and new concessions, especially in the highly prospective Nile delta. Plans are now under way to bring the resources discovered into production without delay. In 2008, RWE Dea produced roughly 20,000 barrels of oil equivalents per day via the Suez Oil Company (SUCO), a joint venture established with the Egyptian General Petroleum Corporation (EGPC).
North Idku field development
One of the company’s Egyptian field development projects is the North IdkuOne. The concession is located northeast of Alexandria, about 30km off the Egyptian mainland. Construction of the two platforms to develop the reservoir is scheduled to begin in autumn of 2009, with completion expected in the spring of 2010. The aim is to launch production from the North Idku field in the year 2010.
The field development and subsequent production is in the hands of the operator North Idku Petroleum Company (NIPETCO), a joint venture of the two Egypt-based companies Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS) and RWE Dea. The overall project is being managed by the Suez Oil Company (SUCO).
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