Wintershall Dea has divested its interest in the Gulf of Suez concession, in Egypt, to the national oil company the Egyptian General Petroleum Corporation.
Effective as of 1 January 2022, the German oil and gas company stated that, after 38 years of production in the concession, it is “closing this chapter” of its oil production history in the country.
Wintershall Dea Egypt senior vice-president and managing director Sameh Sabry said: “The Gulf of Suez concession will always be a proud part of our history in Egypt. It was the foundation upon which we have built a successful, long-term business here, and it has made us a major contributor to Egypt’s energy supply.
“Now, the time is right for Wintershall Dea to focus even more on where we can best deliver value with our significant ongoing investment in Egypt.”
The sale is a part of Wintershall Dea’s strategy to focus on natural gas, and implement its energy transition pathway to achieve net-zero emissions in upstream operations by 2030.
Natural gas currently represents a majority of Wintershall’s global portfolio.
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Even after the transfer of interest in the concession to the Egyptian General Petroleum Corporation, the German firm continues to own a stake of 17.25% in the offshore West Nile Delta concession. It is also serving as operator for the onshore Nile Delta Disouq concession.
Wintershall Dea chief operating officer Dawn Summers said: “Egypt is one of our established core countries. We are very optimistic about Egypt’s future role as a regional gas hub and will continue to be a major German investor to the country.”
In 2021, Wintershall Dea partnered with Cheiron, and Croatian oil and gas company INA, to explore the East Damanhour onshore exploration block, in Egypt.
Last month, Wintershall Dea announced its decision to exit from all its operations in Brazil. The decision follows an evaluation of projects across its global portfolio.