Egypt signs oil and gas agreements with Shell, Apex

Apex International, Royal Dutch Shell sign USD 81 mn in exploration agreements: The Oil Ministry signed three oil and gas exploration agreements for 16 new fields in the Western Desert worth at least USD 81.4 mn with Royal Dutch Shell and Apex International Energy, according to Reuters. The ministry said Shell will invest USD 35.5 mn in its project, while our friends at Apex will invest USD 45.9 mn on two projects. Apex announced it has signed two concession agreements for 1.7 mn acres encompassing the West Badr el Din and South East Meleiha concessions, located in the prolific Abu Gharadig Basin in the Western Desert. Apex was awarded the two blocks as part of EGPC’s 2016 bid round. The company says it will invest a minimum of USD 27.4 mn during the first exploration phase to perform “detailed geological studies, acquire and process 3D seismic and drill exploratory wells.”