Chevron, Shell, Mubadala win Egypt’s Red Sea oil and exploration concessions

Chevron, Royal Dutch Shell, and Mubadala were announced the winners in one of Egypt’s international oil and gas exploration concessions in the Red Sea on Sunday.

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), the petroleum ministry said in a statement.

Egypt expects and with a minimum investment of $326 million in the awarded concessions.

Source: Reuters