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British multinational oil and gas major Shell is nearing an agreement to bag the development rights for the concession for Egypt’s offshore Rahmat natural gas field in the northeastern Mediterranean Sea, a news report said.
The deepwater field is estimated to contain nearly 1.3 trillion cubic feet of natural gas and 80 million barrels of condensate based on data from the Pharaonic Petroleum Company, a joint venture between British oil giant BP and the Egyptian government, Ashraq Business reported, quoting people aware of the matter.
BP had previously held the concession but gave it up two years ago after failing to meet the development timeline.
Shell submitted the highest offer in the international bidding process, which closed in early July and included 13 blocks, including the Rahamat, the report said.
In March 2025, Egypt's Ministry of Petroleum and Mineral Resources had offered seven undeveloped fields in the Mediterranean (including Rahmat) and six exploration concessions in the Gulf of Suez and the Western Desert to local and international energy companies.
Read more: Reversing the import trend: Egypt's path to gas export markets
(Writing by P Deol; Editing by Anoop Menon)
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