Oil & Gas
Shell Egypt signs exploration agreement for offshore Red Sea Block 4
Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, signed a new agreement with Shell Egypt to exploration for oil and gas in concession area (4), in the deep waters of the Red Sea, affiliated to Ganoub El Wadi Petroleum Holding Company (Ganope) with an estimated area of 3084 square kilometers.
The share of Shell Egypt represents 63%, while the share of the UAE’s Mubadala Petroleum represents 27%, and 10% of the contractor’s share to Tharwa Petroleum Company (S.A.E.).
A new Red Sea oil and gas exploration and production tender could be launched in the near future as seismic surveys in the area are due to begin soon, Oil Minister Tarek El Molla said yesterday.
(Sources: Petroleum Today & Enterprise.press)