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Royal Dutch Shell set for new drilling offshore Egypt

As Shell steps up operations in Egypt, it is now also planning new deep-water exploration

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Shell is ramping up in Egypt

Royal Dutch Shell PLC (LON:RDSB) is planning new drilling in the deep-water offshore Egypt, as the oil major expands its operations in the country.

The deep-water drill plans were revealed at a news conference, and, it comes as Egypt expects Shell to step up its production profile.

READ: City experts react to Shell’s “strong performance” whilst shares retreat

Shell’s operations at the West Nile Delta 9B project is forecast to see production of between 350 to 400 million cubic feet of gas per day next year, with the first three wells due online during the current financial year.

It is the latest in the series of developments which indicate that oil companies and their investors are increasingly confident to commit to projects in the country, which had experienced notable uncertainties over recent years due to the decline in oil prices and the preceding political turmoil.

Shell’s project is part-owned by state firm Egypt General Petroleum Corporation (EGPC) and it is supported by the government’s push to eliminate imports, targeted by 2019.

Quick facts: Royal Dutch Shell Plc

Price: 2274.13 GBX

Market: LSE
Market Cap: £180.49 billion

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