The sale is part of DEA’s plan to better balance its portfolio, and restructure its partnerships agreements to accelerate decision making, in partnership with BP.
BP will acquire a portion of DEA’s stake in the first phase of five trillion cubic feet of gas resources.
The WND project comprises North Alexandria and West Mediterranean Deepwater concessions, and is expected to produce 1.2 billion cubic feet per day. It is scheduled for start up in 2017.
Following completion of the transaction, which is subject to approval of the Egyptian General Petroleum (EGPC), DEA will own a 17.25% interest across the two concessions.
DEA CEO Thomas Rappuhn said: "Recognizing the world scale of the development, divestment is in line with our strategy to manage risk through greater portfolio diversification.
"WND is a key part of our portfolio and a strategic project for Egypt, which we are committed to delivering with our partner BP."
The transaction is subject to approval of the Egyptian General Petroleum (EGPC).
