Shell Takes Stake in Egypt Block

13 January 2010 (Last Updated January 13th, 2010 18:30)

Shell Egypt said it has received government approval to buy a 40% stake in an oil and gas concession in Egypt's Western Desert. The company said that the current co-owners, GDF Suez and privately owned Vegas Oil and Gas will each sell a 20% stake in the Alam El Shawish West Conc

Shell Egypt said it has received government approval to buy a 40% stake in an oil and gas concession in Egypt's Western Desert.

The company said that the current co-owners, GDF Suez and privately owned Vegas Oil and Gas will each sell a 20% stake in the Alam El Shawish West Concession, reports Reuters.

Shell Egypt will operate the venture, Vegas will retain a 35% stake and GDF Suez will keep 25%, the firm said.