Egypt’s Ministry Of Oil Signs Two Mediterranean, Red Sea PSC With Shell
The Egyptian Ministry of Oil and Mineral Resources has signed two production-sharing agreements (PSC) with Dutch Oil Company, Shell for areas in the Mediterranean and Red Seas.
The agreements extend to a total area of 3,097 square kilometers in the Red Sea, and 4,550 in the western Mediterranean. The agreement comes as Shell focuses its investments in Egypt’s marine concession areas, deep waters, and natural gas. The concession areas of the western Mediterranean and the Red Sea have both shown to be promising areas of oil and gas production.
In the exploratory stages, Shell implemented the use of 3D seismic survey technology and conducted studies of oil and gas exploration systems, in addition to drilling four exploration wells. Chairman of Shell Companies in Egypt Khaled Qassem said, “Shell has extensive experience in research, exploration, and production of oil and gas from the sea and deep waters through many major projects worldwide.”
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