KUFPEC takes 40% in exploration zone off Egypt with Shell deal

Shell subsidiary BG International Limited signed an agreement to sell 40 percent of Egypt’s Nile Delta offshore block 3 to Kuwait Foreign Petroleum Exploration Company (KUFPEC), a statement published by the Kuwait’s company said on Wednesday.

The new partnership will keep Shell the operator in Block 3, while it opens doors for KUFPEC to strengthen its exploration efforts in Egypt, reflecting the company’s aspirations to expand its presence and activities in the Middle East region, the statement added.

Mohammad Al-Haimar, KUFPEC’s CEO, indicated in a statement to the agency that move is in line with the approach to expand operations with “our international partners that are active in special exploration basins.”