Shell Egypt has made a significant step forward in its exploration efforts by discovering a new offshore natural gas reservoir in the North East El-Amriya block in Egypt's Mediterranean Sea. This encouraging discovery was announced in a statement released on Tuesday. The company successfully completed the drilling of the first well in its three-well exploration campaign, Mina West, located in the North East El-Amriya block. Drilling activities were conducted at a water depth of approximately 250 meters below sea level in the offshore Nile Delta. Initial data confirms the presence of a gas-bearing reservoir, and further evaluation is underway to determine the size and recoverable potential of the discovery. Shell has partnered with Stena Drilling to utilize their Mobile Offshore Drilling Unit (MODU), the Stena Forth rig, for the drilling campaign. Commenting on the discovery, Khaled Kacem, Vice President and Country Chair of Shell Egypt stated: "This discovery represents a significant step forward for Shell Egypt, reinforcing our growth aspirations and unwavering commitment as a key partner in Egypt's energy landscape. Successfully delivering on our current exploration campaign is a cornerstone of Shell Egypt's growth strategy. Shell, alongside its partners, will continue to work diligently and safely to reach the development phase of the block." In September of this year, Shell entered into a Farm-Out Agreement (FOA) with Kuwait Foreign Petroleum Exploration Company (KUFPEC). Under this agreement, KUFPEC acquired a 40% stake in the North East El-Amriya block, with Shell retaining the remaining 60% share, which is held in partnership with the Egyptian Natural Gas Holding Company (EGAS). This discovery marks a promising development for Shell Egypt's exploration efforts and underscores the company's commitment to expanding Egypt's energy resources and contributing to the country's economic growth.
