The completion of the ownership transfer process, the management of the concession area will be transferred to Shell, according to the company, which noted that the agreement is subject to the approval of the relevant government and regulatory agencies.
Farm Out Agreement (FOA) is a type of contract which enables an existing project participant to add new parties to the project by selling a percentage stake in the venture.
But for the company that pioneered Nigeria’s oil industry in the 1950s, the Niger Delta remains as important — and problematic — as ever.
Expectations are high for Shell to continue to generate strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on both fronts in 2017.
Shell will start the development of Phase 9B of the West Delta Deep Marine (WDDM) concession in the second quarter of 2018.
Royal Dutch Shell (RDSa.L) on Tuesday canceled an austerity dividend policy as the oil and gas company boosted.
The EGPC is waiting for the completion of technical procedures and the attainment of approvals from relevant entities to hold the auction.
The contracts will be the start of a wide-range campaign to revive the sector.
The agreements were signed between the EGPC, Royal Dutch Shell and Apex.
Tamara Makarovna spends her afternoons sitting in a dilapidated armchair upstairs in her care home.
Egypt signed 83 oil and gas exploration agreements over the past four years.
British shares rose on Monday, snapping four straight days of losses, as banks joined a broader European rally and a bounce in crude oil prices which buoyed energy firms.
Norwegian oil and gas firms secured a wage agreement with workers on Saturday, ending the threat of a strike that would have cut output at five fields.
The CBE and Egyptian General Petroleum Corporation are coordinating to repay $1.5 billion USD of the $3.5 billion debt owed to international petroleum companies