Kuwait inks deal to acquire 40% of offshore Egypt energy exploration project

Kuwait inks deal to acquire 40% of offshore Egypt energy exploration project

Kuwait’s Foreign Petroleum Exploration Company (KUFPEC) signed an agreement with a Shell subsidiary to acquire 40 per cent of Egypt’s Nile Delta offshore block 3, KUNA reported today.

The Kuwaiti news agency quoted Mohammad Al-Haimar, KUFPEC’s CEO, saying the move was in line with the approach to expand operations with “our international partners that are active in special exploration basins.”

The step will also boost the company’s “marine assets and explorations,” he added.

Chairperson of Shell Egypt’s office, Khaled Kasem, said the deal would enable the two parties to share expertise.

Shell Egypt and partners began drilling activities in the Nile Delta Blocks 3 and 4, located in the Mediterranean Sea, in August. The exploration project entails three wells to be drilled consecutively.

Published: 21-09-2023