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DEA Plans Investment In Egyptian Oilfields

DEA Plans Investment In Egyptian Oilfields

Wednesday 14th February 2018

Energy group DEA has revealed that it intends to plough more investment into developing oil fields in Egypt, Reuters reported.

The firm, which has been operating in the country since 1974, plans to invest almost $500 million (£361 million) over the next three years.

The money will be used to develop the oil fields it's already working on - the West Delta, Desouk and Gulf of Suez fields. DEA partners with BP in the West Nile Delta gas fields, the news provider added.

Maria Moraeus Hanssen, who took over as CEO of the firm at the beginning of this year, made the announcement at a press conference in Cairo earlier this month.

When she started in her role at the start of January, Ms Moraeus Hanssen stressed that while the world of energy is changing, there will still be demand for oil and gas for many years to come.

"Oil and gas companies' biggest challenge is still not declining demand, but how to find more oil and gas to compensate for the natural decline from existing fields," she asserted.

Ms Moraeus Hanssen added that firms operating in this sector also need to "take an active role in the ongoing energy transition". Their main objective, she explained, should be to explore, develop and produce the fuels more efficiently, at a lower cost and with less impact on the environment and climate.

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