RWE Dea, the oil and gas exploration and production unit of German utility
RWE AG (RWE.XE), said Thursday it has made a "significant" deep gas
discovery in Egypt with its partner BP PLC (BP).
-The Hodoa gas field is in the West Mediterranean Deepwater concession in the
offshore region of the West Nile Delta, around 80 kilometers northwest of
Alexandria.
-The WMDW-7 well was drilled to a depth of 6350 meters and is the first
Oligocene Deep Water discovery in the West Nile Delta area, RWE Dea said.
-RWE Dea holds 20% of the West Mediterranean Deepwater concession. BP operates
the concession and holds 80%.
-"This discovery increases our hydrocarbon resources and demonstrates
further potential in our licences in the West Nile Delta region," RWE Dea's
Chief Operating Officer Ralf to Baben said.
-In July, RWE Dea said it will invest about $3.6 billion developing the North
Alexandria and West Mediterranean Deep Water concessions - the company's
biggest single investment to date.