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24-01-21
UAE, Egypt sign deal to search for oil, gas in Red Sea
(MENAFN)The UAE’s Mubadala Petroleum Company has signed a deal with Egypt to search for oil and gas in the Red Sea.
The deal permits the company to search in a 3,084 square kilometer area of the Red Sea and was a result of a command round in 2019.
It will have 27 percent of the stake as part of the deal, while Shell will have 63 percent. Egypt’s Tharwa Petroleum Company owns the remaining 10 percent.
The deal based on an area known as Sector 4, situated in the north of the Red Sea in an area neighboring to the Gulf of Suez Basin, which is rich in natural resources.
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