Energy group DEA to invest $500 mln in Egypt oilfields

Flames emerge from a pipeline at an oilfield. May 11, 2017. REUTERS/Essam Al-Sudani/File Photo

CAIRO (Reuters) – Energy group DEA plans to invest nearly $500 million in developing its oilfields in Egypt over the next three years, its chief executive office said.

“We intend to pump around $500 million over the next three years in Egypt to develop the West Delta, Desouk and the Gulf of Suez fields,” Maria Moraeus Hanssen told journalists in Cairo on Saturday evening.

The Hamburg-based company has been involved in exploration and development for oil and gas in Egypt since 1974. It is a partner of BP in the West Nile Delta gas fields.

Editing by Sami Aboudi; Editing by Susan Fenton

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