Wintershall Dea to Boost Investments in Egypt Worth $800 Mln

Tarek El-Molla the petroleum and mineral resources minister, announced on Monday, that Germany’s Wintershall Dea aims to invest $800 million in Egypt until 2020.

According to El-Molla, the cooperation with the German company is proceeding, praising a trend to open offices in Egypt by a number of other German companies operating in the energy field.

Also, this move reflects the most populous Arab nation’s improved investment climate on the economic reforms back.

Wintershall’s CEO Mario Mehren reported that the oil and gas major seeks to increase its production to 800,000 barrels of oil equivalent per day.

A number of gas fields operated by the German company in the Gulf of Suez have been developed, with the company eyeing to increase gas production from the Onshore Nile Delta.

Noteworthy, Egypt’s arrears to foreign oil firms declined to $900 million at the end of June, encouraging foreign companies to further invest in the country.

Wintershall Dea has already been operating in Egypt for more than 40 years, with a current stake in six onshore and offshore concessions, according to its official website. It is also a partner in the major West Nile Delta (WND) project.