{"id":550993,"date":"2022-05-18T13:23:11","date_gmt":"2022-05-18T13:23:11","guid":{"rendered":"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\/"},"modified":"2022-05-18T13:23:11","modified_gmt":"2022-05-18T13:23:11","slug":"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","status":"publish","type":"post","link":"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\/","title":{"rendered":"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"},"content":{"rendered":"

Good afternoon, friends, and happy almost-THURSDAY.<\/strong> It\u2019s another busy news day on the home and international fronts.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> Shell subsidiary BG Egypt is acquiring a 100% stake in ExxonMobil\u2019s North East<\/strong> El Amriya offshore block<\/strong>, according to a press release (pdf)<\/a> from Shell. BG will become the sole operator of the block once the acquisition is complete. It plans to begin drilling the first well during 1H2023.<\/p>\n

^^We\u2019ll have more<\/strong> on this story and others in tomorrow\u2019s edition of EnterpriseAM<\/strong>.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

It\u2019s official: Finland and Sweden handed in formal applications to join NATO this<\/strong> morning. <\/strong>In a dramatic turn of events, Russia\u2019s invasion of Ukraine has pushed the two countries to abandon their longtime military neutrality in a move that could reshape the European security architecture for decades to come. \u201cThis is a historic moment, which we must seize,\u201d NATO Secretary-General Jens Stoltenberg said, according to Reuters.<\/a> \u201cI warmly welcome requests by Finland and Sweden to join NATO. You are our closest partners, and your membership in NATO will increase our shared security,\" he added.<\/p>\n

But will Turkey block their bid? <\/strong>Turkish President Tayyip Erdogan has surprised the allies by saying he would not approve the two countries\u2019 membership, in objection to them hosting members of groups deemed terrorists by Turkey \u2014 namely, the Kurdistan Workers\u2019 Party (PKK). The potential enlargement needs to be unanimously approved by all 30 of NATO\u2019s members, a process that could take up to a year.<\/p>\n

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HAPPENING NOW-<\/strong><\/p>\n

<\/a> The European Commission is about to unveil its EUR 210 bn plan to phase out<\/strong> Russian gas<\/strong> over the next four years by looking to other suppliers (like Egypt) and quickening its transition to green energy, Reuters<\/a> reports, citing draft documents it has seen. The plan should outline where the EU plans to get its alternative fuel, whether from Egypt, Israel, or Nigeria, as well as the infrastructure needed to circumvent Russia, according to the newswire. The EU has been rethinking its reliance on Russian energy sources since its invasion of Ukraine, but some hurdles \u2014 including Hungary\u2019s refusal<\/a> to back the embargo \u2014 have left the phase-out plan\u2019s fate uncertain.<\/p>\n

Egypt has been <\/strong>in talks<\/a><\/strong> with the EU over increasing LNG imports for months now<\/strong>, and Italian energy firm Eni has already signed an agreement<\/a> to boost Egyptian LNG exports to Europe by boosting its gas production here. We\u2019re a strong option given our prime location just across the Med; our 2018 discovery of the largest gas field in the region<\/a>; two operating liquefaction plants; and a pact to bring in Israeli gas from our neighbors\u2019 massive offshore fields.<\/p>\n

SEPARATELY- UN chief Antonio Guterres is expected to disclose later today his<\/strong> efforts to bring Ukrainian grain back to global markets<\/strong> after months of disruption due to the war, Reuters<\/a> reports, citing UN officials. Guterres is reportedly in talks with Russia, Ukraine, Turkey, the US, and the EU to restore grain shipments from Ukraine and revive fertilizer exports from Russia and Belarus. Guterres is expected to discuss this at the Global Food Security Call to Action<\/a> ministerial meeting hosted by US Secretary of State Antony Blinken later today. Blinken is also set to chair a Security Council meeting on conflict and food security tomorrow.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n