Egypt awards Red Sea exploration concessions to Shell, Chevron, and Mubadala

Egypt awards Red Sea exploration concessions to Shell, Chevron, and Mubadala
Published: 7 January 2020 - 12:45 p.m.
By: Carla Sertin

Egypt has awarded Shell, Mubadala, and Chevron exploration rights in the Red Sea. Chevron and Shell each won one block, and a third block was awarded to Shell and Mubadala.

The three concessions cover a combined 10,000sqkm, and will require a minimum investment of $326mn. The licensing round started in February, following Egypt's gas boom in multiple regions.

Saudi Arabia has also discovered large amounts of gas in the Red Sea, and is planning to conduct feasibility studies. It will use its autonomous subsea seismic acquisition fleet for its Red Sea exploration efforts, which are expected to intensify in the next two years.

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