Shell buys areas for energy resources exploration in Egypt
Egypt, Business, 3/7/2005

The British- Dutch company for energy on Sunday bought 30% of four licensed areas in the western areas in Egypt run by the Oil Resource company.

In a statement Shell company branch in Egypt said that Shell signed an agreement with the Oil Resource company to buy an area of 60,000 square kilometers to operate in the western desert.

It added that the agreement gives Shell company a share in licensed areas run by the Oil Resource company in al-Salloum, Sewa, Gharb Ghazalat and al-Farafera. Shell refrained from announcing the value of the deal.

Shell said that the resource company share is 45% and that it will run the licensed areas in the context of an agreement to take part in the operation. He added that the Malaysian Petronass company owns the remaining shares estimated at 25%. The Oil "Resource" company was formed in 2004 to invest in exploration and development in Egypt and abroad.

In February, Shell branch in Egypt said that it had produced some 563 million cubic meters of Gas daily and 26400 barrels of oil daily.

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