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BP And Shell Have Egyptian Bids Accepted

Shell and BP are amongst a group of six organisations to have bids accepted for oil and gas exploration in Egypt.

The North African country’s Petroleum Ministry said it had approved six applications for exploration with investment values of at least $200million.

Apache and Apex were also among the successful bidders who were identified.

Shell released the following statement: "Shell Egypt confirms it has been awarded the North UmBaraka Block located in the Western Desert, covering an area of approximately 5623.7 km2."

"Shell’s bid builds on more than 30 years of expertise in exploration and production in the Western Desert. We have ambitious plans for the exploration drilling and quick production ramp-up for our expected discoveries. We look forward to working with the Government of Egypt to help meet its energy needs."