• 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 Egypt’s North Alexandria concession to see first gas in 2017, according to Sameh Sabry, the firm’s commercial and business development manager.

RWE owns a 40 per cent share in the North Alexandria project and is working alongside the UK’s 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 country’s State Council in late January.

This approval has paved the way for an official agreement to be signed by BP within the next two months, according to officials who spoke to MEED on condition of anonymity.

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