Kuwaiti E&P unit takes stake in Egypt’s Block 3
CAIRO, September 22, 2023 – Kuwait Foreign Petroleum Exploration Company has signed an agreement to take on a 40% stake in Shell’s offshore Block 3 in Egypt, Upstream Online reported on Friday.
The concession is located in the Nile Delta
Previously Shell took 100% ownership of Block 3 from ExxonMobil in May 2022. The American energy giant will remain operator of the concession.
Shell began exploration activities on offshore Block 3 and Block 4 in August 2023, which consists of drilling three consecutive wells.
“We are glad to expand our presence in Egypt in cooperation with our international operating partners in highly prolific exploration basins in line with our 2040 strategy,” said Mohammad Salem Al-Haimer, CEO of Kuwait Foreign Petroleum Exploration Company.
The deal is subject to regulatory approval.
Cost of the transaction was not disclosed.
Kuwait Foreign Petroleum Exploration Company is active in Egypt through its 20% stake in the North Ras Kanayes offshore block in the Mediterranean Sea.