MoP, Shell Egypt Sign Agreement for Oil, Gas Exploration in Red Sea

MoP, Shell Egypt Sign Agreement for Oil, Gas Exploration in Red Sea
MEDITERRANEAN SEA, ISRAEL – MARCH 28: In this handout image provided by Albatross, The Tamar drilling natural gas production platform is seen some 25 kilometers West of the Ashkelon shore on March 28, 2013 in Israel. The offshore Tamar drilling site which was originally dispatched from a shipyard in Texas at the end of last year is due to start producing natural gas next week. Over the past few years Israel has suffered from a shortage in natural gas, but with the new platform that weighs 34,000 tons and will be mainly operated by Israelis, the US company Nobel Energy which owns a 36% stake in Tamar, hopes to change Israel’s energy situation as well as the economy as a whole. (Photo Photo by Albatross via Getty Images)

The Minister of Petroleum and Mineral Resources, Tarek El Molla, signed an agreement with Shell Egypt for oil and natural gas exploration in concession area (4) in the Red Sea deep water.

The Shell Egypt’s share will be 63%, while the UAE’s  Mubadala Company will have 27%, and the Egyptian Tharwa Petroleum Company will have 10% of the contractor’s share. According to a statement by Shell Egypt,  the new agreement comes in light of the company’s plans to focus its strategic investments in Egypt on the offshore concessions and the natural gas added value chain.

The Chairman of Shell Egypt, Khaled Qassem, expressed his happiness at the signing Block 4 exploration agreement to explore oil and gas in the Red Sea region, which aligns with the company’s great expertise in this area.

It should be mentioned that Shell won two concessions of Ganoub El Wadi Petroleum Holding Company (Ganope) for oil and gas exploration operations in the Red Sea in the international tender announced in December 2019. The company succeeded in implementing several achievements in E&P field in the deep water including the phase 9 project at the West Delta concession.


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