Germanys RWE Dea secures extension of Suez concessions for ten years

German company RWE Dea Suez GmbH, which has been producing oil in Egypt for the past ten years, has reached agreement with the Egyptian Ministry of Petroleum and the Egyptian Petroleum Company on the extension of its offshore concessions in the Gulf of Suez and North Belayim blocks for another ten years.

Nicosia, July 27 : German company RWE Dea Suez GmbH, which has been producing oil in Egypt for the past ten years, has reached agreement with the Egyptian Ministry of Petroleum and the Egyptian Petroleum Company on the extension of its offshore concessions in the Gulf of Suez and North Belayim blocks for another ten years.

RWE Dea Suez GmbH, a wholly owned subsidiary of the Hamburg based RWE Dea AG, has already produced 590 million barrels of crude from these two concessions via its operating company SUCO. Since the start of its operations in Egypt, the German company has spent a total of 3.2 billion dollars in investments in the oil sector.

The extension of the concession is considered an important move towards the realization of RWE Dea's strategic goal to strengthen its position as an operator in the Egypt/North Africa region.

On July 17 RWE Dea Suez GmbH representatives signed with the Egyptian Minister of Petroleum Sameh Fahmy an exploration agreement for the Tanta Concession in the Nile Delta. The Tanta block, which is located partly in the western central part of the Nile Delta, covers an area of 3,300 square km.

ANI