© Reuters. A view shows a board with the logo of Shell at the company’s fuel station in Saint Petersburg, Russia May 6, 2022. REUTERS/Anton Vaganov
CAIRO (Reuters) – A subsidiary of Shell (LON:) plc, BG International, signed a farm out agreement (FOA) with ExxonMobil (NYSE:) Egypt to acquire a 100% stake in the Exxon Mobil-operated North East El-Amriya offshore area, Mediterranean Sea, also known as Block 3, a Shell statement said on Wednesday.
“On completion of the transfer, BG will become the operator,” it added.
Khaled Kacem, Shell’s Vice President and Country Chair for Egypt, also said that the company plans to potentially begin drilling of the first well during the first half of 2023.