Shell reveals the fact that the Egyptian government is in arrears

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Schotman added that "Shell" It is looking to start operations in concession areas it recently won in the country during the second half of 2020.

He said in an interview "Reuters" Published Thursday, that "Shell" I applied to participate in the oil and gas exploration bid In the Red Sea Announced by Egypt last March, it is also interested in participating in a similar bid in Mediterranean sea It is planned to be announced in the coming period.

He added that the company is working to increase its business in Egypt and accelerate its pace, especially in marine activities.

It works "Shell" at Egypt Since 1911, its activity includes the fields of research, oil exploration and production, marketing and distribution of gas and petroleum products.

Schotman said: "Egypt is a very promising market and we value the government's expectation to be an energy hub in the region, which represents a great opportunity for us to invest in the country.

He continued: "Very interested in increasing our business in Egypt especially marine. We are bidding in the Red Sea, and we are aware of an undisclosed and interested bidding in the Western Mediterranean.".

South Valley Petroleum Holding Company in March, announced a global bid for oil and gas exploration and exploration in 10 sectors in the Red Sea, and closed the door for receipt of bids last August, but the results of the auction has not yet been announced.

In recent years, Egypt has completed the demarcation of its maritime borders with a number of countries to search and explore for gas and oil without conflict.

Schotman said his company was still in a phase "Preparations and seismic surveys of the areas won in the bidding of the General Petroleum Corporation and the Egyptian Natural Gas Holding Company (EGAS)", Whose results were announced in February 2019.

And he said: "We are still in the preparations phase in the regions. We look forward to commencing operations in concession areas during the second half of 2020", Note that "Shell" I got the most privileges in the auction, they are 3 for oil and two for gas.

Schotman said his company believes Egypt owns "An ambitious and clear plan for the energy sector. We see a significant growth in our investments in Egypt especially after the acquisition of BG in 2016, which has created a greater appetite for our marine activities.".

And he said: "Interested in any new auctions announced by Egypt in deep water and marine activities. We are looking for opportunities to expand our investments and Egypt is a big emerging market in the gas market and in line with our ambitions".

Egypt hopes to use its strategic location and advanced infrastructure to become a major hub for gas trade and distribution, a remarkable shift for a country that spent about $ 3 billion on LNG imports in 2016.

Egypt declared natural gas self-sufficiency at the end of last year.

It was a company "Eni" The Italian discovered the giant gas field in Egypt in 2015, which contains about 30 trillion cubic feet of gas, which opened the appetite of foreign oil companies to invest in Egypt.

Schotman continued: "We have no arrears with the Egyptian government. All arrears have been paid".

Arrears due to foreign oil companies with the Egyptian government fell to $ 900 million at the end of June.

Receivables fell 25 percent from their level at the end of the 2017-2018 fiscal year, when they reached $ 1.2 billion and about 62.5 percent from their level in June 2017, when they reached $ 2.4 billion.

Said Schotman who works for "Shell" For nearly 34 years: "The Middle East market is very competitive for Shell, and I believe that over time we will invest more and not cut back on our business".

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Schotman added that Shell is looking to start operations in concession areas it recently won in the country during the second half of 2020.

He said in an interview with "Reuters" published on Thursday, that "Shell" to participate in the bidding for oil and gas exploration in the Red Sea announced by Egypt last March, and is interested in participating in a similar bid in the Mediterranean to be announced in the coming period.

He added that the company is working to increase its business in Egypt and accelerate its pace, especially in marine activities.

Shell has been operating in Egypt since 1911, and its activities include oil exploration and production, marketing and distribution of gas and petroleum products.

"Egypt is a very promising market and we value the government's expectation that it will be an energy hub in the region, which represents a great opportunity for us to invest in the country," Schotman said.

He continued: "We are very interested in increasing our business in Egypt, especially the navy. We have been bidding in the Red Sea, and we are aware of an undisclosed bid in the Western Mediterranean that has not been announced yet and are interested in it."

South Valley Petroleum Holding Company in March, announced a global bid for oil and gas exploration and exploration in 10 sectors in the Red Sea, and closed the door for receipt of bids last August, but the results of the auction has not yet been announced.

In recent years, Egypt has completed the demarcation of its maritime borders with a number of countries to search and explore for gas and oil without conflict.

Schotman added that his company is still in the stage of "preparing and conducting seismic surveys of the areas it won in the bids of the General Petroleum Corporation and the Egyptian Natural Gas Holding Company (EGAS), whose results were announced in February 2019.

"We are still in the preparations phase in the regions. We are looking to start operations in the concession areas during the second half of 2020," he said.

Schotman added that his company believes that Egypt has "an ambitious and clear plan for the energy sector. We see a clear growth of our investments in Egypt especially after the acquisition of BG in 2016, which created a greater appetite for working in marine activities."

He said: "We are interested in any new auctions announced by Egypt in deep water and marine activities. We are looking for opportunities to expand our investments and Egypt is a big emerging market in the gas market and in line with our ambitions."

Egypt hopes to use its strategic location and advanced infrastructure to become a major hub for gas trade and distribution, a remarkable shift for a country that spent about $ 3 billion on LNG imports in 2016.

Egypt declared natural gas self-sufficiency at the end of last year.

The Italian company Eni discovered the giant gas field in Egypt in 2015, which contains about 30 trillion cubic feet of gas, which opened the appetite of foreign oil companies to invest in Egypt.

"We have no arrears with the Egyptian government. All arrears have been paid," Schotman said.

Arrears due to foreign oil companies with the Egyptian government fell to $ 900 million at the end of June.

Receivables fell 25 percent from their level at the end of the 2017-2018 fiscal year, when they reached $ 1.2 billion and about 62.5 percent from their level in June 2017, when they reached $ 2.4 billion.

"The Middle East market is very competitive for Shell, and I think over time we will invest more and not cut back on our business," said Schotman, who has been with Shell for nearly 34 years.

Shell (t) Energy in Egypt (t) Cairo

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