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Oil & Gas

Mubadala joining Shell in Egypt’s Red Sea Block 4 exploration

Posted: January 23, 2021 at 8:19 pm   /   by   /   comments (0)

Egypt’s Minister of Petroleum and Mineral Resources has signed a concession agreement with Mubadala Petroleum for oil and gas exploration activities in Red Sea block 4.

The 3,084-sq km (1,191-sq mi) concession, owned by the South Valley Egyptian Petroleum Holding Company (Ganope), was awarded under Egypt’s 2019 Red Sea Licensing Round.

Block 4 is in the northern Red Sea, close to the prolific Gulf of Suez basin, and is thought to hold potential for large prospective structures. Mubadala will have a 27% interest, in partnership with operator Shell (63%) and Tharwa (10%).

During the initial three-year term, work commitments comprise subsurface studies and acquisition of 3D seismic.

Mubadala Petroleum also has a 10% stake in the Shorouk concession in the Mediterranean Sea, containing the producing Zohr gas field, and 20% of the Nour exploration concession in the same sector.

(Source: Offshore)