Oil Min., Shell Egypt signs 2 agreements for investments in western Mediterranean

  • Date: 22-Mar-2021
  • Source: Egypt Today
  • Sector:Oil & Gas
  • Country:Egypt
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Oil Min., Shell Egypt signs 2 agreements for investments in western Mediterranean

Minister of Petroleum and Mineral Wealth Tarek El-Molla -REUTERS







CAIRO – 22 March 2021: Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, signed two new agreements with Shell Egypt for investments in the area of the Herodotus Basin in deep waters in the western Mediterranean.

 

Molla added in a statement, Monday, that the two agreements are in the concessions of North Marina and North Cleopatra Marine, whereby Shell Egypt, through BG Delta Limited, which is wholly owned by the company, acquires 63 percent (in charge of operations), in partnership with Noble Energy Egypt ( A subsidiary of Chevron Corporation (27 percent), and Tharwa Petroleum Company (10 percent), as the granted sectors cover an area of ​​6,477 square kilometers.

 

He explained that the two agreements are a continuation of Shell's strategy by focusing its investments in Egypt in the marine concession areas and deep waters, in order to achieve an increased development in the value-added chain