Total is the operator with 35%, while Royal Dutch Shell, KUFPEC, and Tharwa hold shares of Shell 30%, 25%, and 10%, respectively, the statement elaborated.
The concession area is located in the North Ras Kanayis Offshore block in the underexplored area Herodotus Basin, while the exploration block spans 4,550 square kilometers.
“The agreement includes a 3D seismic campaign during the first three years,” the press statement highlighted.
“[The exploration] reinforces our presence in Egypt, following a gas discovery made in July 2020 with the Bashrush well on the North El Hammad license, to be developed through a tie-in to nearby existing infrastructure,” Total’s Senior Vice President Exploration Kevin McLachlan commented.
Shell has recently revealed two production sharing contracts with the Egyptian Ministry of Petroleum and Mineral Resources for concession areas in both the Red Sea and the Mediterranean.
Last September, Total Egypt and OLA Energy Misr signed a contract to own, build, and operate a new petroleum products terminal in the Arab republic.