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Kuwait's KUFPEC acquires 40 percent of Nile Delta Sector 3 in the Mediterranean

20-09-2023

The Kuwait Foreign Petroleum Exploration Company (KUFPEC) signed a partnership agreement with (BG International Limited), a subsidiary of (Shell), under which (KUFPEC - Egypt) obtains a 40 percent working share in (Sector 3 of the Nile Delta) northeast of Amriya in the Mediterranean Sea. . KUFPEC CEO Mohammed Al-Haimer said in a statement to Kuwait News Agency (KUNA) today, Wednesday, “We are pleased to expand our activities in Egypt in cooperation with our international partners working in distinct exploration basins in line with our 2040 strategy.” Al-Haimer explained that this new partnership in (Sector 3 of the Nile Delta) will enable (KUFPEC) to strengthen its marine assets and exploration activities in Egypt. He pointed out that (KUFPEC) is already present in this region, as it was granted the northern (Ras Knais) maritime sector in the Mediterranean Sea in 2020. For his part, Chairman of the Board of Directors and Managing Director of Shell Egypt, Engineer Khaled Qassem, expressed his happiness with the new partnership in (Sector 3 of the Nile Delta), which “will enable us to benefit from shared experiences.” Qassem stressed that this agreement will enhance the position of Shell and its marine exploration activities, noting that the proximity of this sector and other exploration sectors that the company owns in the region will help achieve its goals and support Egypt in meeting its needs for energy supplies. It is noteworthy that Shell Egypt and its partners began drilling activities last August in the third and fourth sectors of the Nile Delta, located in the Mediterranean Sea. The exploratory project includes drilling three wells in a row.