Shell Inks Exploration Deal in Egypt's Western Desert

Shell has signed an agreement with the Egyptian Oil Ministry for exploration rights in the Western Desert. The deal, signed with Oil Minister Sameh Fahmy, covers exploration in the West Sitra block over an area of 7,395 sq km (2,855 sq mile).

Shell is committed to spending a minimum of $28.5 million during eight years that it holds the concession for the block. The signature bonus is worth $2.5 million.