KUFPEC Egypt has struck a deal with Shell to acquire a 40% stake in a block offshore Egypt, in the Mediterranean Sea.
BG International, a subsidiary of Shell, signed the farm out for the North East Al-Amriya area, also known as Block 3, this week.
KUFPEC said the deal was subject to approval from the government and regulator. Shell will continue as operator of the block.
“We are glad to expand our presence in Egypt in co-operation with our international operating partners in highly prolific exploration basins in line with our 2040 strategy,” said KUFPEC CEO Mohammad Salem Al-Haimer.
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