BG Egypt announces sanction of next phase of development for WDDM
- Egypt: Thursday, March 07 - 2013 at 10:41
- PRESS RELEASE
BG Egypt announces the sanction of the next phase of development for the West Delta Deep Marine concession (WDDM), offshore Nile Delta. The Phase 9a development - sanctioned by both concession partners, BG Group (50% and Operator) and PETRONAS (50%) - is due to begin drilling in the second quarter of this year with additional gas volumes due on-stream in 2014.
Phase 9a is one element of a recovery plan for arresting production decline in WDDM outlined by BG Group Chief Executive Chris Finlayson at the Group's 2012 annual results presentation last month.
Other elements include drilling two new wells on near-field exploration prospects along with programmes to improve performance from existing wells.
Commenting on the sanction of Phase 9a, BG Egypt President Arshad Sufi, said, "We are very pleased to announce the sanction of the latest phase of our significant WDDM development, which is planned to bring in additional gas volumes to Egypt during 2014. It is a reflection of our firm commitment to investment in Egypt as the country undergoes its democratic transition, and to the responsible development of the resources to maximise benefits for the country and investing partners. It builds upon the successful track record for delivery of subsea projects in the Nile Delta by BG and Burullus Gas."
The Engineering, Procurement, Installation and Commissioning contract is being awarded to Saipem, who will start work immediately. Drilling contracts have been let previously to Saipem, Diamond Drilling and Transocean, while long lead items had previously been awarded to Cameron and Vetco Gray.
In over 23 years of working in the country, BG Group has invested with its partners over $11bn in Egypt's energy sector, and has over the years proven its commitment to long-term investment in Egypt, making it one of the country's largest foreign investors.
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