{"id":546530,"date":"2022-05-19T04:00:03","date_gmt":"2022-05-19T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/shell-subsidiary-acquires-exxonmobils-offshore-mediterranean-block\/"},"modified":"2022-05-19T04:00:03","modified_gmt":"2022-05-19T04:00:03","slug":"shell-subsidiary-acquires-exxonmobils-offshore-mediterranean-block","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/shell-subsidiary-acquires-exxonmobils-offshore-mediterranean-block\/","title":{"rendered":"Shell subsidiary acquires ExxonMobil\u2019s offshore Mediterranean block"},"content":{"rendered":"

<\/a> Shell subsidiary BG <\/strong>International <\/strong>is acquiring 100% of ExxonMobil\u2019s North<\/strong> East El<\/strong> Amriya offshore gas block <\/strong>under a farm-out agreement, according to a press release (pdf)<\/a> from Shell. BG will become the sole operator of the block once the transaction \u2014 which is pending government and regulatory approvals \u2014 is complete. It plans to begin drilling the first well during the first half of next year. Shell Egypt declined to disclose the value of the transaction or the block\u2019s expected production capacity when we asked yesterday.<\/p>\n

SOUND SMART- <\/strong>A farm-out agreement is when a company that owns the right explore for (or produce) oil or natural gas lets another party do the actual work. Think of it this way: You have the right to bake and sell Brand X muffins in Egypt \u2014 but you don\u2019t have the money or interest in doing so. Under a farm-out agreement, you would assign the rights to a second company that would be allowed to bake and sell Brand X muffins. You (the \u201cfarmor\u201d) would typically get an up-front payment from the \u201cfarmee\u201d \u2014 and you\u2019d get a royalty, cut of sales or percentage of profits. The farmee would also have to meet specific targets or spending requirements. Farm-out agreements are common in the oil, gas and mining industries.<\/p>\n

Exxon owned the block for less than 2.5 years:<\/strong> The US oil company acquired the block<\/a> at the end of 2019 and had planned to invest some USD 220 mn to drill four wells in the area.<\/p>\n

What they said:<\/strong> \u201cThe proximity of this block to our existing assets and other exploration blocks Shell holds in the area will help us accelerate our offshore ambitions,\u201d Chairman and Managing Director of Shell Egypt Khaled Kacem said. \u201cThis agreement strengthens our portfolio and is a significant milestone along the delivery of our strategy to build a solid gas position in the country.\u201d<\/p>\n

Shell has upped its presence in the Med over the last three years: <\/strong>Shell and Malaysia\u2019s Petronas were granted two other concessions<\/a> close to Amriya \u2014 North Sidi Gaber and Al Fanar \u2014 in 2020. Shell also last year offloaded<\/a> its onshore oil and gas assets in the Western Desert, shifting its focus to projects including its West Delta Deep Marine offshore gas concession in partnership with Petronas \u2014 which is also right next door to the newly acquired block.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shell subsidiary BG International is acquiring 100% of ExxonMobil\u2019s North East El Amriya offshore gas block under a farm-out agreement, according to a press release (pdf) from Shell. BG will become the sole operator of the block once the transaction \u2014 which is pending government and regulatory approvals \u2014 is complete. It plans to begin […]<\/p>\n","protected":false},"author":1,"featured_media":546531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[93,72,778,7128,91,594],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-energy","tag-enterpriseam","tag-exxonmobil","tag-ma-watch","tag-oil-and-gas","tag-shell","wpautop","entry"],"acf":{"mongo_id":"a3eb0e0b-08be-4be3-8313-8ac638d3c02c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/251.jpg","photo_position":"above","related_issue":[546522],"teaser":"","voice_url":""},"yoast_head":"\nShell subsidiary acquires ExxonMobil\u2019s offshore Mediterranean block - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/shell-subsidiary-acquires-exxonmobils-offshore-mediterranean-block\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shell subsidiary acquires ExxonMobil\u2019s offshore Mediterranean block\" \/>\n<meta property=\"og:description\" content=\"Shell subsidiary BG International is acquiring 100% of ExxonMobil\u2019s North East El Amriya offshore gas block under a farm-out agreement, according to a press release (pdf) from Shell. 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Shell acquired 67% of the 6.8k sqm North Marina and North Cleopatra concessions through\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/286.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619902,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/13\/qatarenergy-to-acquire-40-stake-in-two-of-exxonmobils-offshore-exploration-blocks-in-egypt\/","url_meta":{"origin":546530,"position":2},"title":"QatarEnergy to acquire 40% stake in two of ExxonMobil\u2019s offshore exploration blocks in Egypt","author":"enterpriseam admin","date":"13 May 2024","format":false,"excerpt":"ExxonMobil will retain the remaining 60% of the two concessions.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/823.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550993,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/18\/this-evening-shell-to-fully-acquire-exxonmobils-north-east-el-amriya-offshore-block-finland-and-sweden-formally-request-to-join-nato-eu-to-unveil-its-plan-to-phase-out-russian-gas\/","url_meta":{"origin":546530,"position":3},"title":"THIS EVENING: Shell to fully acquire ExxonMobil\u2019s North East El Amriya offshore block + Finland and Sweden formally request to join NATO + EU to unveil its plan to phase out Russian gas","author":"enterpriseam admin","date":"18 May 2022","format":false,"excerpt":"Good afternoon, friends, and happy almost-THURSDAY. It\u2019s another busy news day on the home and international fronts.THE BIG STORY TODAY Shell subsidiary BG Egypt is acquiring a 100% stake in ExxonMobil\u2019s North East El Amriya offshore block, according to a press release (pdf) from Shell. BG will become the sole\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553940,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/","url_meta":{"origin":546530,"position":4},"title":"Qatar Energy snags 17% stake in Shell\u2019s Red Sea blocks","author":"enterpriseam admin","date":"14 December 2021","format":false,"excerpt":"Qatar Energy is set to acquire a 17% stake in two Shell-operated oil and gas exploration blocks in the Red Sea, the oil supermajor announced yesterday in a statement. The agreement, which is subject to government and regulatory approval, signals the first entry by the Qatari energy giant into Egypt\u2019s\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593052,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/shell-taps-citi-to-manage-sale-of-its-onshore-upstream-assets-in-egypts-western-desert\/","url_meta":{"origin":546530,"position":5},"title":"Shell taps Citi to manage sale of its onshore upstream assets in Egypt\u2019s Western Desert","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"M&A WATCH- Royal Dutch Shell has tapped investment bank Citi to manage the upcoming sale of its onshore upstream assets in Egypt\u2019s Western Desert, sources close to the matter said, according to Reuters. The process for the sale, which could net as much as USD 1 bn for the company,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/193.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546530"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546530\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546531"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546530"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546530"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}