Germany’s DEA Group planned to pump more investments in Gulf of Suez and Disouq regions in Egypt, CEO of the group Maria Moraeus Hanssen said yesterday.
In a meeting with Minister of Petroleum Tarek El-Molla, Hanssen stated that Egypt is now an attractive investment destination especially after latest gas production from new fields, such as Zohr giant field and 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 fields in the Gulf of Suez, producing more than 650 million barrels of crude.
The company is also a partner in the West Nile Delta project, which encompasses five fields where 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 and 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.