Shell, BAPETCo to Pump New Investments worth $402 million in Egypt

Oil giant Shell and its joint venture partner Badr El Din Petroleum Company (BAPETCo) are planning upcoming investments worth US$402 million in Egypt, said BAPETCo’s chairman Emad Hamdy.

In a statement released on Thursday, Hamdy noted that the new investments come within the framework of BAPETCo’s 2014/15 budget, which has been endorsed by the Egyptian oil minister.

Shell and BAPETCo’s new investments include US$29 million to drill 4 new exploratory wells, US$185 million for 23 developmental wells in various concession areas, US$188 million for expanding pipelines so as to increase oil production levels.