Minister of Petroleum and Mineral Resources, Tarek El Molla signed two new agreements with Shell Egypt for the Herodotus Basin in offshore deep-water concession area, in the Western Mediterranean, a press release reported.

According to the statement, 63% of the concession is owned by Shell Egypt, through BG Delta Limited which is completely owned by Shell (the operator).  This is in partnership with Noble Energy Egypt, a subsidiary of Chevron ,that now owns 27% of the concession, whereas the Egyptian Tharwa Petroleum Company now owns the remaining 10%, as the entire granted area is estimated at ​​6770 km2.

Chairman of Shell Egypt, Khaled Qassem, expressed his happiness for the signing of the agreements to explore oil and gas in the western Mediterranean region.

The agreements came as part of shell’s strategy to focus its investments in offshore and deep-water concession areas in the Western Mediterranean in Egypt, which reflects Shell’s extensive experience in exploration and production (E&P) of oil and gas in deep waters through many major projects around the world.

It should be mentioned that Shell succeeded in implementing several achievements in E&P field in the deep water.  The company recently signed agreements in the offshore North Kanayes of Herodotus Basin in the West Mediterranean concession with Total, Tharwa Petroleum Company, and KUFPEC.

Additionally, Shell won two concessions of Block 4 exploration in the Red Sea in partnership with Mubadala, and Tharwa Petroleum companies, and Block 3 exploration as well. The company also completed the phase 9 project at the West Delta concession.