RWE Dea Wins New Egyptian Exploration Concession
RWE Dea has been awarded 100% working interest in a new onshore concession called Tanta located partly in the prolific Nile Delta area in Egypt.
The block was offered in the Egyptian Gas Holding Company (EGAS) 2006 International Bid Round and was awarded by the Egyptian authorities today. The Tanta Concession is located partly in the western central part of the Nile Delta and extends to the outskirts of the Western Desert. The block covers approximately 3,300 km² and is considered to have potential for both oil and gas. The Tanta block is neighboring the RWE Dea Disouq concession to the North and will as such represent a continuation of RWE Dea's strategy to pursue Nile Delta plays at onshore cost.
During the initial exploration period RWE Dea is committed to drill at least two wells in addition to acquiring 3D seismic with minimum expenditures of US $18.9 million in the first three years.
RWE Dea has been active in Egypt for 33 years and has been producing oil in the country for more than twenty years. The German upstream company has interests in fifteen concessions, and is operator of seven of them. The ongoing activities in the Nile Delta clearly show RWE Dea's commitment to generate further opportunities in the country in cooperation with EGAS and its other partners.