Arab Finance: A subsidiary of Shell has signed an agreement to sell 40% of its Nile Delta Block 3 offshore concession at the Mediterranean to Kuwait Foreign Petroleum Exploration Company (KUFPEC), Asharq Business reported on September 20^th.

However, Shell will continue to be the key operator of the concession.

The agreement is pending approval from the related regulatory authorities.

Earlier in August, it was reported that Shell would start drilling new oil exploration wells in its new concession areas in Egypt’s Mediterranean in September, with investments of over $80 million for the first well.

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