Shell Egypt Signs 2 New Agreements for Investments in Herodotus Basin

Shell Egypt Signs 2 New Agreements for Investments in Herodotus Basin

Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla signed two new agreements with Shell Egypt for investments in the Herodotus Basin deepwater sector off Egypt's western Mediterranean coastline.

Shell acquired 67% of the 6.8k sqm North Marina and North Cleopatra concessions through its subsidiary BG Delta Limited, which will be in charge of operations.

The remaining stake was awarded to Chevron, which acquired 27% through subsidiary Noble Energy Egypt and state-owned Tharwa Petroleum Company, which snapped up 10%.

Chairman of Shell Companies in Egypt Khaled Qassem said that the new explorations are in line with Shell's strategy to expand its business with gas projects in marine and deepwater areas in Egypt.

He pointed out that drilling is planned to take place in the western Mediterranean region during the second exploration phase, which is expected to start within three years from the date of ratification and will last three years.

The company will use seismic survey technology during the first exploration stages and later move on to exploration and drilling operations.