On June 4, 2004, Shell and Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced that they had reached an agreement for the sale to KUFPEC of Shell's 40 percent stake in the BG Group operated Rosetta Concession in the Nile Delta. BG Group's pre-emption of the sale of Shell's stake has increased its equity interest in Rosetta from 40 to 80 percent.
Rosetta started production in January 2001 and supplies the domestic market, as do the first WDDM fields - Scarab and Saffron - which started production in March 2003.
Rosetta has established a position as a flexible and reliable source of gas to the Egyptian domestic market. Phase Two of the Rosetta development will consist of an unmanned minimum facilities wellhead platform tied back to the existing Rosetta platform. First gas from the Phase Two project is scheduled to commence in 2005.
Before the announcement of the sale, the partner shares in Rosetta were BG (operator) - 40%, Shell - 40% and Edison - 20%. Following today's announcement the partner shares will be BG (operator) - 80% and Edison - 20%.
Most Popular Articles