Fossil Energy – Egypt
Shell has signed an agreement with ExxonMobil Egypt under which Shell will fully acquire and manage the Northeast Amriya Offshore Concession in the Nile Delta in the Mediterranean Sea, known as Block 3.
With the completion of the transfer of ownership, the management of the concession area will be transferred to Shell.
The agreement is subject to the approval of the relevant governmental and regulatory authorities.
“The acquisition process confirms the vitality and competitiveness of the oil and gas sector in Egypt, especially since Shell has a long history of working in the Egyptian oil and gas sector and plays a role in the development of offshore oil and gas resources in Egypt,” Minister of Petroleum and Mineral Resources, Tarek El Molla, stated.
Khaled Kacem, Shell’s Vice President & Country Chair for Egypt, expressed his happiness with the conclusion of this important agreement, which confirms Shell’s strong commitment to Egypt.
“This agreement strengthens the company’s position in offshore exploration activities in Egypt and contributes to supporting the company’s strategy aimed at playing a pivotal role in the field of gas in the Egyptian market,” Kacem commented.
He explained that the proximity of the new concession area to the company’s current assets and other exploration areas owned by Shell in the same area will contribute to accelerating the pace of the company’s ambitions in the offshore areas, Kacem said. He added that the company has a plan to drill the first well in the new area in early 2023.