Shell to Acquire Exxon's Block 3 Offshore Egypt

Wednesday, May 18, 2022
An offshore supply vessel and offshore rigs in the Mediterranean Sea offshore Egypt - Credit: look_67/AdobeStock

A subsidiary of Shell plc, BG International, signed a farm-out agreement (FOA) with ExxonMobil Egypt to acquire a 100% stake in the Exxon Mobil-operated North East El-Amriya offshore area, Mediterranean Sea, also known as Block 3, a Shell statement said on Wednesday.

"On completion of the transfer, BG will become the operator," it added.

Khaled Kacem, Shell’s Vice President and Country Chair for Egypt, also said that the company plans to potentially begin drilling of the first well during the first half of 2023.

(Reuters - Reporting by Sarah El Safty; Writing by Enas Alashray;Editing by Louise Heavens)

Categories: Energy Industry News Activity Egypt Mediterranean Sea

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