Cairo – Mubasher: Shell Egypt signed two production sharing contracts (PSCs) with the Egyptian Ministry of Petroleum and Mineral Resources, according to a recent statement.

The agreement involves the offshore and deep-water concession of the Red Sea’s Block 3 that spans over 3,097 square kilometres (sq. km) and the offshore North Kanayes of Herodotus Basin in the West Mediterranean concession.

Shell holds a 30% stake in the West Mediterranean concession, while Total, the main operator of the project, KUFPEC, and Tharwa Petroleum have stakes of 35%, 25%, and 10%, respectively.