A subsidiary of Shell plc, BG International, framed out agreement (FOA) with ExxonMobil Egypt to acquire a full stake in the Exxon Mobil-operated (XOM.N), which located at North East El-Amriya, also known as Block 3, according to Shell statement on Wednesday. "On completion of the transfer, BG will become the operator," it added. "This is an important development which demonstrates the vibrancy and competitiveness of Egypt's oil and gas sector. We are delighted to have the opportunity to work with our partner Shell, which has a long history of working in the oil and gas sector, to further develop Egypt's offshore hydrocarbon resources." Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, said. "The company plans to potentially start drilling the first well during the first half of 2023." Khaled Kacem, Shell's Vice President and Country Chair for Egypt, said. "I am pleased to conclude this agreement, which demonstrates Shell's deep commitment to Egypt. This agreement strengthens our portfolio in the offshore and supports our strategy to build a solid gas position in the country. The proximity of this block to our existing assets and other exploration blocks Shell holds in the area will help us accelerate our offshore ambitions. We have plans to potentially begin drilling of the first well during the first half of 2023." Kacem added. "We have significantly enhanced our presence in the offshore Mediterranean over the last three years and acquiring this new block is an important milestone towards achieving our growth strategy." he highlighted. In the West Nile Delta, BG Delta Limited – a company wholly owned by Shell – acquired North Sidi Gaber Concession (Blocks 4) and North Al Fanar Concession Block 6) in 2020, as operator, in partnership with PICL (Egypt) partnership LTD for which seismic was procured and the portfolio maturation is underway.
