Shell Egypt has signed production sharing contracts (PSCs) for offshore and deep-water concession of the Red Sea’s Block 3 that covers 3,097 Km² and the offshore North Kanayes of Herodotus Basin in the West Mediterranean concession in which it holds 30% share, while Total company, the main operator of the project holds 35%, KUFPEC limited holds 25% and Tharwa Petroleum company have the remaining 10% , a press release reported.
Khaled Kassem, Shell Egypt CEO, said that Shell Egypt has gained great experience in the field of oil and gas exploration and production (E&P) in the sea and deep water through several giant projects worldwide.
“We are proud of signing these two PSCs in the offshore and deep-water concessions at the Red Sea and the Mediterranean which aligns with Shell’s strategy to expand its natural gas projects in the offshore and deep-water areas in Egypt.”
He added “we welcome the chance of enhancing our existence and increasing our activities by obtaining new concessions which affirm our support for the government vision to convert Egypt into a regional energy hub”.
“Shell Egypt is distinguished by owning robust infrastructure in the deep water of West Delta in addition to its share in the Idku Gas Liquification Plant and strong growth plans to increase production rates in the offshore concessions through a promising discovery program”, Kassem, commented.
It is worth noting that Shell has 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 West Delta concession.