RWE wins offshore Egyptian concession

Nov. 12, 2012 at 9:05 AM

HAMBURG, Germany, Nov. 12 (UPI) -- German energy company RWE announced it would serve as the operator of a block though to have oil-bearing zones off the coast of Egypt.

RWE Dea announced Monday it secured an offshore concession in the East Ras Burdan region near the eastern Egyptian border in the Gulf of Suez.

Maximilian Fellner, general manager for RWE's operations in Egypt, said the new concession gives his company a stronger position in the country.

"The block is located in a prolific oil-prone area and provides an exciting add-on to RWE Dea's operations in the offshore Gulf of Suez," he said in a statement.

The concession is the sixth area in Egypt operated by RWE.

RWE didn't provide a resource estimate for the concession. In August, the company produced 1 million cubic feet of natural gas per day from a well in the Nile Delta region.

The U.S. Energy Department's Energy Information Administration states that proven natural gas reserves in 2012 in Egypt were the third highest in Africa at around 77 trillion cubic feet. Oil production there has declined since the 1990s, though new recovery techniques used in existing fields have prolonged their life.

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