Shell, BapetCo to pump $402m into Egypt venture
Cairo, June 30, 2014
Shell and its joint venture partner Egypt-based Badr El Din Petroleum Company (BapetCo) are planning upcoming investments worth $402 million in the country, said a report.
The new investments come within the framework of BapetCo’s 2014/15 budget, which has been endorsed by the Egyptian oil minister, Emad Hamdy, BapetCo’s chairman was quoted as saying in the Amwal Alghad report.
The new investments include $29 million to drill four new exploratory wells, $185 million for 23 developmental wells in various concession areas, $188 million for expanding pipelines so as to increase oil production levels, it added.