Shell Egypt received ministerial approval to effect agreements signed with Vegas Oil & Gas and GDF SUEZ to acquire a 20% interest from each in the Alam El Shawish West Concession, in the Western Desert area.
Within the consortium, Shell Egypt will hold 40% and will become the operator, Vegas 35% and GDF SUEZ 25%. There are existing oil and gas discoveries in the concession with plans in place to boost production.
“Farming-in into this block fits within our plans to expand Shell’s activities and investments in Egypt. As operator of the concession, our technical and operational expertise and established Western Desert infrastructure will allow us to create maximum value for the country and all partners”, said Ahmad Atallah, Chairman, Shell Companies in Egypt.
Shell companies in Egypt are wholly owned by the Royal Dutch Shell plc. Active in Egypt since 1911, Shell Egypt business today spans Upstream Oil and Gas Exploration & Production, Downstream marketing and gas distribution. Most of Shell’s upstream operations are located in the Western Desert. However, Shell’s business portfolio also includes stakes in the offshore Nile Delta concessions of North West Damietta, North Damietta and the ultra deep water North East Mediterranean (NEMed).
(Shell Egypt Press Release)