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Shell issued a press release announcing that Chelhal subsidiary BG Ltd. has signed an agreement with ExxonMobil Egypt to fully acquire the Northeast Amriya concession area in the Mediterranean, known as Zone 3, which is managed by ExxonMobil Egypt.
The statement added that “with the completion of the ownership transfer process, the management of Shell’s concession area will be transferred,” and Shell plans to drill the first well in the new area early next year.