We produce 36,000 barrels of oil equivalent in Egypt: DEA AG

(MENAFN - Daily News Egypt) Deutsche Erdoel AG (DEA AG), a German oil exploration company operating in Egypt, plans to inject about $500m over the next three years into the Egyptian market, said Maria Moraeus Hanssen, chief executive officer of the company.According to Hanssen, the company owns about 17.5%Ø of the West Delta fields run by the British oil company BP.We have no intention now to increase the proportion of partnership in the West Delta fields, we and BP are happy in partnership for now, said Hanssen.According to the CEO of DEA, the company produces about 36,000 barrels of oil and gas per day in the Egyptian market. We acquire about 5% of Egypts total oil and gas, said Hanssen, noting that natural gas captures about 75% of the companys production in Egypt.The company has received assurances from the Egyptian Ministry of Petroleum and Mineral Resources to end the dues of the oil companies accumulated by the end of 2019, especially with the recovery of the Egyptian economy, said Hanssen.She added that the Ministry of Petroleum succeeded during the past 12 months to pay large overdue payments owed to international oil companies.According to Hanssen, the company has information about Egypts tenders for gas and oil exploration in the coming period but said, we cannot resolve our participation in these auctions so far, but we are interested in prospecting for gas and oil in northern Egypt in general, said Hanssen.In the next two years, Egypt will b....

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