British pound climbs as government makes U-turn on tax cut plan    Egypt's net foreign assets decline again to reach $925 million in August    Turkey's inflation jumps to 83% highest level in nearly in 24 years    Egypt's FM heads to Congo Today to attend PRECOP27 conference    King Charles III won't attend COP27 in Egypt, following PM Truss advice    Swedish coastguard says: Fourth leak discovered on Nord Stream pipelines    Egyptian gecko invades Israel    Egypt welcomes back Russian flights on 1st October    Egypt launches 200 Years of Continuing Science tourism campaign    Egypt, UAE partner on sustainable waste management in Sharm el-Sheikh ahead of COP27    QNB Group names TikToker Khaby Lame official FIFA World Cup Qatar 2022 brand ambassador    Three possible scenarios as Egypt's central bank governor resigns – MP    Adele is living a love story, wants to be a homemaker    In Photos: Egypt swears in 13 new ministers after major Cabinet reshuffle    Egypt's Sisi names 13 ministers in Cabinet reshuffle    Spain: prosecutor seeks 8 years sentence for Shakira over tax evasion    Egypt: Alamein Art Festival kicks off a collection of recycled installations    Egypt's athlete Basma Emad wins bronze in weightlifting in Mediterranean Games    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

QatarEnergy enters Egypt via 17% stake acquisition of Shell-operated concessions
Published in Amwal Al Ghad on 13 - 12 - 2021

State-run QatarEnergy, formerly known as Qatar Petroleum, has entered into agreements with Shell to acquire a 17 percent stake in two Shell-operated concessions in Egypt's Red Sea region, the two companies said in statements on Monday.
Shell will remain the main operator of the concessions, Shell Egypt's statement read.
Under the terms of the agreements, QatarEnergy said in a statement that it would hold a 17 percent working interest in Red Sea Blocks 3 and 4.
Shell won Blocks 3 and 4 in late 2019. Block 3 covers 3,097 square kilometres, with water depths from 100 to 1,000 metres. Block 4 covers 3,084 square kilometres, with water depths of 150 to 500 metres.
The agreements are subject to customary approvals by the Egyptian government.
QatarEnergy president and chief executive Saad Sherida Al-Kaabi said the agreements see the company enter "Egypt's well-established upstream oil and gas sector and offers an opportunity for the consortium partners to explore this frontier acreage,"
"We are also delighted to have the opportunity to work with our strategic partner Shell, and to further develop our relationship with the Egyptian Ministry of Petroleum and Mineral Resources, Egypt's Tharwa Petroleum and the other partners, whilst also pushing forward with QatarEnergy's upstream growth strategy," Al-Kaabi added.
Khaled Kacem, Shell's country head of Egypt, said: "we were able to attract new market entrants thanks to the favourable investment climate in Egypt."
Shell said QatarEnergy's entry followed BHP Petroleum's, which is still subject to customary approvals by the Egyptian government.
Upon closing of the relevant agreements, the working interests in the two blocks will be as follows: Shell will have 43 percent in Block 3 and 21 percent in Block 4. BHP has a 30 percent stake in Block 3, while Tharwa Petroleum has 10 percent.
For Block 4, Mubadala Petroleum has 27 percent, BHP 25 percent and Tharwa Petroleum 10 percent. Mubadala entered Block 4 earlier this year.
Shell committed to acquiring seismic and carry out subsurface studies on the blocks, under the 2019 round.

Clic here to read the story from its source.