Shell Egypt inks production sharing contracts with Ministry of Petroleum

Shell holds a 30% stake in the West Mediterranean concession

  
Shell branding at a petrol station in West London, January 29, 2015.

Shell branding at a petrol station in West London, January 29, 2015.

REUTERS/Toby Melville

Cairo – Shell Egypt signed two production sharing contracts (PSCs) with the Egyptian Ministry of Petroleum and Mineral Resources, according to a recent statement.

The agreement involves the offshore and deep-water concession of the Red Sea’s Block 3 that spans over 3,097 square kilometres (sq. km) and the offshore North Kanayes of Herodotus Basin in the West Mediterranean concession.

Shell holds a 30% stake in the West Mediterranean concession, while Total, the main operator of the project, KUFPEC, and Tharwa Petroleum have stakes of 35%, 25%, and 10%, respectively.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Energy