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Energy group DEA to invest $500 mln in Egypt oilfields

Reuters - UK Focus

CAIRO, Feb 11 (Reuters) - Energy group DEA (Shenzhen: 002260.SZ - news) plans to invest nearly $500 million in developing its oilfields in Egypt over the next three years, its chief executive office said.

"We intend to pump around $500 million over the next three years in Egypt to develop the West Delta, Desouk and the Gulf of Suez (LSE: 0NRV.L - news) fields," Maria Moraeus Hanssen told journalists in Cairo on Saturday (Shenzhen: 002291.SZ - news) evening.

The Hamburg-based company has been involved in exploration and development for oil and gas in Egypt since 1974. It is a partner of BP in the West Nile Delta gas fields.

(Editing by Sami Aboudi; Editing by Susan Fenton)