Petroleum Africa
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Tuesday, December 31, 2019
In a press release, Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, said that acreage offered in March 2019 by Ganoub El Wadi Petroleum Holding Company (Ganope) had been awarded. The oil and gas exploration concessions are located in the Red Se.
Among those picking up stakes are supermajors Chevron and Royal Dutch Shell along with independent Mubadala Petroleum of the UAE.
Chevron won a concession in Block 1, while Shell won two concessions; the first is located in Block 3 and the other, which Shell won in collaboration with Mubadala, is located in Block 4.
The total exploration area of the concessions is about 10,000 square km and will require a minimum investment of $326 million, the Petroleum Ministry said in a statement.
Chevron was awarded the first block, Shell a second block, and a third block was awarded jointly to Shell and Mubadala with a total exploration area of around 10,000 square km (3,860 square miles) and with a minimum investment of $326 million, the petroleum ministry said in a statement.
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