Kuwait City – Kuwait’s Foreign Petroleum Exploration Company (KUFPEC) has entered into an agreement to acquire a 40% stake in Egypt’s Nile Delta offshore block 3 from a subsidiary of Shell, according to KUNA.
The move aligns with KUFPEC’s strategy of expanding its operations in collaboration with international partners active in specialized exploration areas. The deal is expected to enhance the company’s marine assets and exploration capabilities.
Khaled Kasem, Chairperson of Shell Egypt’s office, highlighted that the partnership will facilitate the exchange of expertise.
Shell Egypt and its partners commenced drilling activities in the Nile Delta Blocks 3 and 4 in the Mediterranean Sea in August, with plans for three consecutive wells in the exploration project.
