RWE-DEA to acquire Repsol stake in Egyptian blocks

German company RWE-DEA AG has agreed to acquire Spanish-Argentine company Repsol-YPF SA's stake in three Egyptian exploration and production blocks, all in the Nile Delta, for $80 million.


By the OGJ Online Staff


HOUSTON, Mar. 26�German company RWE-DEA AG has agreed to acquire Spanish-Argentine company Repsol-YPF SA's stake in three Egyptian exploration and production blocks, all in the Nile Delta, for $80 million.

This agreement will be effective as last Jan. 1, and is subject to approval by the Egyptian government.

The deal includes the North Alexandria block (where Repsol-YPF is operator with a 50% stake) and West Mediterranean block (33.3%). Both of those are offshore. East Delta North (25%) and East Delta South (45.5%) onshore blocks are also included.

Repsol said that with this transaction, it has sold Egyptian assets worth $578 million.

Most of the sum came from a single transaction. Earlier this year, Apache Corp. agreed to buy substantially all of Repsol-YPF SA's exploration and production properties in Egypt's western desert for $410 million (OGJ Online, Jan. 29, 2001). That deal closed Mar. 22.

Repsol also said E&P asset divestments throughout the world since June 1999 have raised $2.1 billion.

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