Shell Egypt has signed two new agreements with Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, for investments in the deepwater sector of the Herodotus Basin off the western Mediterranean coast.
Shell acquired 67% of the 6,800 square kilometer North Marina and North Cleopatra concessions through its subsidiary BG Delta Limited, which will manage the operations.
The remaining stakes were awarded to Chevron, which acquired 27% through its subsidiary Noble Energy Egypt, and the state-owned Tharwa Petroleum Company, which obtained 10%.
Chairman of Shell Companies in Egypt, Khaled Qassem, stated that the new explorations align with Shell’s strategy to expand its gas projects in marine and deepwater areas in Egypt.
Qassem highlighted that drilling is planned for the western Mediterranean region during the second exploration phase, expected to commence within three years from the date of ratification and last for three years.
The company will begin with seismic survey technology in the initial exploration stages before proceeding to exploration and drilling operations.
