Germany’s DEA invests $500M in Egypt over 3 years

CAIRO – 11 February 2018: Germany’s DEA Group announced that it plans to invest about $500 million (LE 8.8 billion) in Egypt, DEA’s chief executive officer Maria Moraeus Hanssen said.

Hanssen clarified to journalists that these plans aim to develop oilfields in Egypt over the next three years, according to Reuters.

Hanssen added that they intend to pump around $500 million over the next three years in Egypt to develop the West Delta, Desouk and the Gulf of Suez's fields.

In January, Maria Moraeus Hanssen said that DEA planned to pump more investments in the Gulf of Suez and Desouk regions in Egypt.

In a meeting with Minister of Petroleum Tarek el-Molla, Hanssen stated that Egypt is now an attractive investment destination, especially after the latest gas production from new fields such as the Zohr giant field and the North Alexandria concession.

The meeting tackled DEA Group’s ongoing activities and projects in Egypt and its upcoming plan for the country.

DEA started operations in Egypt in 1974 and has developed crude oil fields such as Ras Budran, Ras Fanar and Zeit Bay in the Gulf of Suez, producing more than 650 million barrels of crude oil.

The company is also a partner in the West Nile Delta project, which encompasses five fields; two of them, Taurus and Libra, started gas production in March 2017.

Germany is a key economic partner to Egypt as over 1,000 German companies are operating in Egypt; the trade exchange volume between the two countries reached €5.56 billion ($6.4 billion) in 2016, while German investments in Egypt recorded €619 million in the same year.