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FINANCIAL NEWS
Shell, TransGlobe, RWE win Egypt oil concessions
10 Nov 2012
(MENAFN) Egypt has awarded its first oil licences since revolution to three international oil and gas companies, Reuters reported.
The winners include are Royal Dutch Shell, with three concessions, TransGlobe Energy, with four concessions, and RWE, with one concession.
One of Shell’s concessions is via an Egyptian joint venture, the companies said.
RWE and a joint venture between Dana Petroleum, Petroceltic International and Beach Petroleum were also awarded one licence each, the companies said.
Albert Gress, vice president of business development at TransGlobe Energy said the company could start producing in the new blocks in 2014.
The new licences have not yet been confirmed by the Egyptian government.
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