Mubadala Petroleum signs an exploration agreement in Red Sea with Egypt

Mubadala Petroleum signs an exploration agreement in Red Sea with Egypt

Mubadala Petroleum signs an exploration agreement in Red Sea with Egypt

NewsArea Staff NewsArea ME Editor

Engineer Tarek El Molla (Minister of Petroleum and Mineral Resources in Egypt), signed a concession agreement with Mubadala Petroleum Company to explore for oil and gas in the deep waters of the Red Sea, which is affiliated with Egyptian Holding Company for the South Valley, with an area estimated at 3084 square kilometers, which was granted by Egyptian government The rights to prospect through the bidding round in 2019.

Mubadala Petroleum company said yesterday that according to this agreement, Mubadala Petroleum owns a 27 percent participation stake in the sector while Shell, operator, owns a 63 percent stake, and Egyptian Tharwa Petroleum owns the remaining 10 percent of the share. .

Sector 4 is located in the north of Red Sea in an area adjacent to the Gulf of Suez Basin, which is rich in natural resources. The partners will commit to conducting exploration studies under the sea in this sector, and collecting seismic data for the area using three-dimensional techniques, during the first three years of the exploration phase.

Dr. Bakhit Al-Kathiri (CEO of Mubadala Petroleum), said: “The addition of (Sector 4) in the Red Sea represents a new extension of our operations in Egypt, while providing a valuable opportunity to expand our activities, and by working with a strategic partner such as (Shell). The search and exploration operations in this sector, if successful, will support our strategy of extracting and manufacturing hydrocarbons, in order to contribute to supporting the stability and expansion of the Egyptian market, while providing growth opportunities for our operations in this sister country.

It is worth noting that Mubadala Petroleum owns, in addition to the "Block 4" concession in the Red Sea, a 10 percent stake in the offshore Shurooq gas field concession that includes Zohr natural gas field, in addition to 20 percent in the concession area.

Noor and Marine Gas Company, both located in the Mediterranean Sea off the coast of Egypt.

Powered by Froala Editor

NewsArea Staff Editor at NewsArea ME

Releated Articles