Shell is close to finalizing a deal to acquire development rights for Egypt’s offshore Rahmat natural gas field.
The deepwater field is estimated to hold 1.3 trillion cubic feet of natural gas and 80 million barrels of condensate, according to data from the Pharaonic Petroleum Company, a joint venture between BP and the Egyptian government, Asharq Business reported.
BP previously controlled the concession but relinquished it two years ago after missing the development deadline.
Shell submitted the top bid in an international tender that closed in early July, covering 13 blocks, including the Rahmat field.
In March 2025, Egypt’s Ministry of Petroleum and Mineral Resources offered seven undeveloped Mediterranean fields, including Rahmat, along with six exploration concessions in the Gulf of Suez and the Western Desert to local and international firms, signaling the country’s push to attract investment in its energy sector.
