Cairo: Kuwait Foreign Petroleum Exploration Company (KUFPEC) has inked an accord with BG International Limited, a Shell subsidiary company, where KUPEC Egypt would acquire a 40 percent stake in the offshore "the Delta-3 Nile" zone.
Mohammad Al-Haimar, KUFPEC's CEO, indicated in a statement to KUNA on Wednesday that move was in line with the approach to expand operations with "our international partners that are active in special exploration basins." The step will also boost the company's "marine assets and explorations," he added.
KUFPEC, in 2020, was granted the "Ras Kanayez" section in the Mediterranean waters off Egypt.
For his part, Khaled Kasem, the chairperson of Shell Egypt's office, indicated that the deal would enable the two sides to swap expertise.
Shell and its partners started, in August, drilling the sections 3 and 4 in the Nile delta.