RWE says it expects Egypts biggest gas scheme to see rapid progress
- Concession holds estimated recoverable reserves of 5 trillion cubic feet of gas and condensate
- Official agreement expected to be signed by BP in two months
German energy company RWE is expecting Egypts North Alexandria concession to see first gas in 2017, according to Sameh Sabry, the firms commercial and business development manager.
RWE owns a 40 per cent share in the North Alexandria project and is working alongside the UKs BP, which holds 60 per cent and operates the concession.
The concession holds estimated recoverable reserves of 5 trillion cubic feet of gas and condensate, and the scheme to develop the field is worth an estimated $10bn, making it the biggest upstream gas project in Egypt.
A deal to restart the development received approval from the countrys State Council in late January.
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