Egypt: Shell to invest $300mln in West Delta Offshore drilling
Arab Finance: Shell, in partnership with Petronas, plans to invest around $300 million in drilling operations within the West Delta Deep Offshore Concession as part of Phase 11, according to Al Arabiya.
The first additional wells are set to begin production this year.
This comes shortly after Shell exited two exploration blocks in the Red Sea.
The company started production from the first well in the concession in October, with an output of 30-40 million cubic feet per day.
Shell is also preparing for further exploration between the Nile Delta and the Herodotus Basin, with an exploratory well scheduled by 2026.
Additionally, after securing the Marneeth Offshore Concession, the company is working to determine a suitable location for exploratory drilling before early 2027.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 days ago
- Zawya
NOG Energy Week 2025 Set to Evolve Africa's Energy Transformation
NOG Energy Week 2025, themed 'Accelerating Global Energy Progress Through Investment, Partnerships&Innovation', is scheduled from 29 June - 3 July 2025, at the Abuja International Conference Centre (ICC) in Nigeria, and convenes industry leaders, policymakers, and innovators to discuss and strategise on sustaining this growth trajectory. The conference will explore how strategic investments, robust partnerships, and cutting-edge technologies can further enhance Africa's energy landscape. NOG Energy Week 2025 will also spotlight strategies to attract and increase investments in Africa's upstream sector, emphasising the importance of creating a competitive and resilient investment climate. Sessions will highlight how indigenous operators and national oil companies are enhancing asset performance and production output through targeted investments and innovative practices. Nigeria's energy sector is undergoing a transformative era, characterised by a surge in investments and a strategic focus on technological advancements and increased production. In 2024 alone, the sector attracted approximately $6.7 billion in investments, with $5.5 billion directed towards oil and gas initiatives. Notably, Shell Nigeria Exploration and Production Company's $5 billion investment in the Bonga North Deep Offshore Project is set to boost the nation's oil production capacity by approximately 110,000 barrels per day. Recognising the critical importance of a diversified energy mix for Nigeria's sustainable future, NOG Energy Week 2025 will include dedicated sessions on the integration of renewable energy sources alongside traditional oil and gas operations. These discussions aim to position Nigeria at the forefront of the global energy transition while maintaining energy security and economic growth. Speaking to why the event has included these key topics in the programme, Wemimo Oyelana, Country Director – Nigeria&Portfolio Director – Africa for dmg Nigeria events, emphasised, ''As Nigeria navigates an evolving global energy landscape, technology and investment will support increased production and long-term competitiveness. In this era of rapid technological advancement and shifting market dynamics, Nigeria must harness innovative solutions and strategic capital deployment to unlock its full energy potential. NOG Energy Week 2025 provides a vital platform where industry leaders, government policymakers, investors, and technology experts can come together to exchange insights, foster collaboration, and align their efforts toward a common goal. This conference not only facilitates dialogue but also drives actionable strategies that will enable Nigeria to expand its production capacity sustainably, attract critical investments, and strengthen its position as a key player in the global energy arena.'' Complementing the strategic discussions, the Technical Seminar, themed 'Innovating Today's Technology for Tomorrow's Energy Needs', will showcase practical breakthroughs, from Artificial Intelligence (AI) powered reservoir diagnostics to smart grid integration and modular refinery technologies, providing professionals with actionable insights into the tools transforming the industry. With over 7,000 attendees, 350 exhibitors, and representation from 85 countries, NOG Energy Week 2025 reaffirms its position as Sub-Saharan Africa's leading energy gathering, a meeting ground for deal-making, innovation, and sustainable development. Distributed by APO Group on behalf of dmg Nigeria events.
Zawya
2 days ago
- Zawya
Egypt: ICMI shifts to $42,282 consolidated losses in Q1 2025
Arab Finance: International Company for Medical Industries (ICMI) swung to consolidated net losses attributable to the holding company valued at EGP 2.136 million in the first quarter (Q1) of 2025, according to the financials. The net losses were compared with the net profits of EGP 482,703 registered in Q1 2024. Loss per share reached EGP 0.041 at the end of March 2025, against earnings per share (EPS) of EGP 0.011 in the year-ago period. Revenues hiked to EGP 22.412 million from EGP 11.586 million. Regarding the standalone business, the company turned to net losses worth EGP 1.588 million in the first three months of 2025, when compared to profits amounting to EGP 93,948 in Q1 2024. Non-consolidated loss per share hit EGP 0.028 in Q1 2025, versus a profit per share of EGP 0.002 a year earlier. The revenues jumped to EGP 1.251 million from EGP 996,113. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Zawya
Egypt: EGX ends Wednesday's session in green zone
Arab Finance: The Egyptian Exchange (EGX) concluded Wednesday's trading session with collective gains after the EGX30 index surged by 1% to 32,677.87 points. Likewise, the Sharia-compliant index, EGX33 Shariah index, rose by 0.19% to 3,385.48 points. Both the EGX70 index and the EGX100 index ended the session higher by 0.33% at 9,725.99 points and by 0.52% at 13,189.59 points, respectively. EGX's turnover amounted to EGP 3.654 billion through the exchange of 1.379 billion shares in 91,372 transactions, while the market cap reached EGP 2.309 trillion. Retail investors controlled 79.09% of the total trading, while the institutions represented 20.9%. Foreign and Arab traders accounted for 7.11% and 4.45% of the trading transactions, respectively, whereas Egyptian investors took over 88.44%. Egyptian and Arab traders were sellers with EGP 60.004 million and EGP 38.754 million, respectively. The Foreign investors were buyers with EGP 98.758 million. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
