Kuwait's KUFPEC to Acquire 40% of Shell's Exploration Block off Egypt
09.20.2023 By Tank Terminals - NEWS

September 20, 2023 [Zawya]- Kuwait’s Foreign Petroleum Exploration Company (KUFPEC) signed a farm-out agreement with Shell subsidiary BG International Limited to acquire 40% of Egypt’s Nile Delta offshore block 3, the company said on Wednesday.


Shell will remain to be the operator in Block 3, it added. However, it didn’t disclose a value for the transaction.

KUFPEC CEO Mohammad Salem Al-Haimer said that “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. This new partnership in Block 3 empowers KUFPEC to boost its offshore assets and exploration activities in Egypt”.

KUFPEC is already active in this since it was awarded North Ras Kanayes Offshore block in the Mediterranean Sea in 2020.

Khaled Kacem, Shell’s Vice President & Country Chair for Egypt, said: “The proximity of this block to Shell’s existing assets and other exploration blocks Shell holds in the area will help accelerate the company’s offshore ambitions and support Egypt in meeting its energy supply needs.”

In August 2023, Shell Egypt and partners commenced drilling activities in the Nile Delta Blocks 3 and 4, located in the Mediterranean Sea. The exploration project entails three wells to be drilled consecutively.


Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Asia Spot LNG Holds Steady as Demand Weak, Inventories High
11.28.2023 - NEWS
November 28, 2023 [Hellenic Shipping News]- Asian spot liquefied natural gas (LNG) prices were li... Read More
Kutch Ports Fuel Green Hydrogen Mission
11.28.2023 - NEWS
November 28, 2023 [Businessline]- Kutch in Gujarat is a crown jewel in the port sector of not jus... Read More
Neste to Introduce Solar Power to its Porvoo Refinery
11.28.2023 - NEWS
November 28, 2023 [Neste]- Neste has signed a purchase agreement for solar power supply to its Po... Read More
Octopus Boosts Renewable Capacity Ahead of Shell Energy Deal
11.28.2023 - NEWS
November 28, 2023 [City AM]- For an undisclosed fee, Octopus Energy has bought into Ørsted’s W... Read More