January 3, 2021

Shell signs PSCs with Egypt’s oil ministry

ArabFinance: Royal Dutch Shell inked two production sharing contracts (PSCs) with the Egyptian Ministry of Petroleum and Mineral Resources for concession areas in the Red Sea and the Mediterranean, according to a January 2nd emailed press release.

The agreements cover the search for petroleum and natural gas in the Arab republic, in cooperation with Total, KUFPEC, and Tharwa, the statement noted.

In June 2020, petroleum minister Tarek el Molla said the development of three megaprojects in the refining sector totaled $2.8 billion (EGP 44.36 billion) in value.

Egypt-based Cheiron Petroleum had reportedly entered a consortium with Cairn Energy and Pharos Energy over a second round of bidding for Shell's onshore assets in Egypt.


Categories : oil and gas

Finance & Economy

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