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Sunday, 5 May 2019

Germany’s DEA and Wintershall complete merger, big plans to Egypt oil and gas

M&A WATCH- Germany’s DEA and Wintershall become DEA Wintershall with big plans for Egypt oil and gas assets: Germany-based oil and gas majors Wintershall and DEA have completed their multi-bn merger, the new entity, Wintershall DEA, said in a press release. DEA owner LetterOne (the investment arm of Russian bn’aire Mikhail Fridman) and Wintershall majority-shareholder BASF (a German chemicals group) finalized the merger after obtaining relevant approval.

The Egypt angle: Wintershall DEA has consolidated its Egyptian assets, giving it six onshore and offshore concessions throughout the country, with the most significant being its 17.5% stake in the West Nile Delta fields. The merged plans to invest USD 500 mn through 2020 to develop the asset as well as its Desouk and Gulf of Suez fields, we have previously noted; the company’s website confirms the figure.

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