Petroleum Africa
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Tuesday, October 11, 2016
Shell is cutting its investments in Egypt, according to a Daily News Egypt source. The company is reportedly reducing its investments in the Burullus and Rasheed gas fields.
The Daily News Egypt report said investments had been reduced to $158.9 million for maintenance and operating expenses over the current fiscal year; $96.7 million of that for the Burullus fields and $38 million for the Rasheed.
The company had been planning on allocating extra funds for Phase 9B on the Burullus, however it decided to postpone the cash injection until it is paid some of the estimated $1.3 billion owed to it by the Egyptian government.
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