Shell Signs FOAs with Qatar Energy in Egypt’s Red Sea

Shell Signs FOAs with Qatar Energy in Egypt’s Red Sea

Shell Exploration & Production B.V., subsidiary of Royal Dutch Shell plc., signed farm out agreements (FOAs) with QatarEnergy, under which QatarEnergy will acquire 17% stake in each of Shell-operated Block 3 and Block 4 in the Egyptian Red Sea.

The FOAs are subject to government and regulatory approvals, without prejudice to pre-emption rights, Shell announced.

This follows an earlier dilution of Blocks 3 and 4 to BHP Petroleum (Egypt) Limited, which is also subject to government and regulatory approvals.

Shell will remain the operator in both blocks.

“Bringing such reliable partners into the project will enable us to leverage our joint expertise as we progress the opportunity. It is also worth highlighting that we were able to attract new market entrants thanks to the favorable investment climate in Egypt,” Khaled Kacem, Shell’s Vice President & Country Chair for Egypt, commented.

Sarah Samir 2695 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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