Shell looks for more investment in Egypt

CAIRO – 21 June 2017: Royal Dutch Shell plans to increase investments in oil and gas
exploration in Egypt, deputy executive director of the company Sami Iskander said Wednesday.

During a meeting with Minister of Petroleum Tarek El-Molla, representatives from Shell reviewed their current work plan, while Molla presented available opportunities in the exploration and development ends.

Molla asked Shell to accelerate putting BTE-2 well on production, which was discovered by the Dutch company in August 2016 in North Alam Al Shawish concession in the Western Desert.

Shell was recently acquired stakes in North Um Baraka concession in the Western Desert, after a bidding round launched by the Egyptian General Petroleum Corporation. The percentage of the stake is yet to be known.

The agreement will be presented to the parliament to be ratified, Molla said.