Royal Dutch Shell plans to increase its investments in Egypt as the country no longer owes the company any arrears, a press statement revealed.

According to the Executive VP Upstream JVs at Shell, Gerald Schotman, Shell plans to begin operating its concession areas in Egypt during H2 2020.

Schotman told Reuters on the sidelines of the Mediterranean Offshore Conference & Exhibition (MOC 2019) that his company applied to participate in the bid round that was announced earlier in March for oil and gas exploration in the Red Sea. The company also looks forward to participating in the next bid round in the Mediterranean, which is expected to be announced soon.

Schotman said that Egypt is a very promising market and that the company supports the government’s vision of being the regional energy hub, which makes it a great opportunity to invest in the country.

Shell is currently doing seismic surveys in the blocks it had won in the previous bid round as the company won the most concession – three for oil and two for gas.

“We no longer have arrears with the Egyptian government, and we ensure that the investment climate in Egypt is attractive for Shell. By time, we will pump more investments,” Schotman said.