Shell Egypt 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.
The remaining stake was awarded to Chevron, which acquired 27% through subsidiary Noble Energy Egypt, and state-owned Tharwa Petroleum Company, which snapped up 10%.
Chairman of Shell Companies in Egypt, Khaled Qassem, said that the new explorations are in line with Shell’s strategy to expand its business with gas projects in marine and deepwater areas in Egypt.
He pointed out that drilling is planned to take place in the western Mediterranean region during the second exploration phase, which is expected to start within three years from the date of ratification and will last three years.
The company will begin with seismic survey technology in the initial exploration stages and then proceed to exploration and drilling operations.
