Shell to buy Egyptian offshore concession

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BG International, filiale du major de l'énergie Shell, has agreed to obtain ExxonMobil’s 100% stake in Egypte’s block three in the zone offshore du nord-est d’El-Amriya.

Shell, which recently announced that it will be selling its lubricant and retail businesses in Russia to Lukoil, believes the block will fit well with its existing assets. Khaled Kacem, the Pays Chair and Vice President of Shell Egypt, said the deal would support the company’s aim to establish a robust position in Egyptian gas production by strengthening its offshore portfolio. He said that with the block being geographically close to existing assets, it would help the company to realise its offshore ambitions more rapidly.

Dans un communiqué, Tarek El-Molla, le ministre égyptien du Pétrole et des Ressources minérales, a déclaré à propos de l'accord :

“This is an important development which demonstrates the vibrancy and competitiveness of Egypte’s oil and gas sector. We are delighted to have the opportunity to work with our partner Shell, which has a long history of working in the oil and gas sector, to further develop Egypte’s offshore hydrocarbon resources.”

Shell now intends to start drilling the first well in the block in the early half of 2022. In addition to this block, BG Delta, which is wholly owned by Shell, is the designated operator of two other blocks in the West Nile Delta, namely the North Al Fanar Concession and the North Sidi Gaber Concession, which it purchased together with PICL (Egypte) and is currently at the portfolio maturation stage.

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