Egypt has awarded an oil and gas exploration concession in the Red Sea Block 4 to Abu Dhabi's Mubadala Petroleum, according to the company.
Mubadala Petroleum will hold 27 per cent participating interest in Block 4, which is operated by Shell, the Abu Dhabi company said in a statement on Thursday. Shell has a 63 per cent participating interest in the block while Tharwa, a state-owned Egyptian exploration and production company, holds a 10 per cent stake.
The Red Sea Block 4 has an estimated area of 3084 kilometre square and is owned by the South Valley Egyptian Petroleum Holding Company (Ganope).
"This new exploration block will support our strategy of finding and, if successful, developing hydrocarbons for Egypt’s expanding market and delivering organic growth opportunities to add to our existing business in the country," Bakheet Al Katheeri, Mubadala Petroleum’s chief executive, said.
The agreement builds on Mubadala Petroleum's Egypt portfolio that includes a 10 per cent stake in the Shorouk concession, containing the Zohr gas field, and a 20 per cent stake in the Nour exploration concession. Both are located in the Mediterranean Sea offshore Egypt.
Mubadala Petroleum is entirely owned by Mubadala Investment Company, the Abu Dhabi-based strategic investment firm. The subsidiary's chief executive said the new Red Sea deal is a "high impact growth opportunity alongside a world class partner in Shell".
Red Sea Block 4 was awarded by the Egyptian government in the 2019 Red Sea Licensing.
Block 4 is located in the northern Red Sea in an area adjacent to the Gulf of Suez basin.
The concession has the potential to unlock substantial new prospects, Mubadala Petroleum said. The work commitment for the block is to conduct subsurface studies and to acquire 3D seismic during the initial three year term.
Egypt, which was traditionally been highly reliant on energy imports, has benefited massively from its discovery of the Zohr field through Eni in 2016 in the Eastern Mediterranean.
The discovery sparked search for more hydrocarbon resources along the Nile Delta and western desert as the North African country looked to leverage these discoveries to become a net exporter of gas, particularly to markets in Europe.
Egypt recently signed nine oil and gas exploration deals worth $1 billion with local and international energy companies, allowing them to conduct exploration along the eastern and western Mediterranean as well as the Red Sea.
Exxon Mobil, Chevron, BP, Total and Shell will drill 17 wells to explore for oil and gas finds, Tarek El Molla, Egypt's petroleum minister, said in a statement in January.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
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Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
Benefits of first-time home buyers' scheme
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Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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UAE currency: the story behind the money in your pockets
