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Shell Acquires Egypt's Offshore Block 3

Customers fuel up at a Shell gas station in Westminster, Colorado October 30, 2008. REUTERS/Rick Wilking
Customers fuel up at a Shell gas station in Westminster, Colorado October 30, 2008. REUTERS/Rick Wilking
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Shell Acquires Egypt's Offshore Block 3

Customers fuel up at a Shell gas station in Westminster, Colorado October 30, 2008. REUTERS/Rick Wilking
Customers fuel up at a Shell gas station in Westminster, Colorado October 30, 2008. REUTERS/Rick Wilking

A subsidiary of Shell plc, BG International, signed a farm out agreement (FOA) with ExxonMobil Egypt to acquire a 100% stake in the Exxon Mobil-operated North East El-Amriya offshore area, Mediterranean Sea, also known as Block 3, a Shell statement said on Wednesday.

"On completion of the transfer, BG will become the operator," it added, according to Reuters.

Khaled Kacem, Shell’s Vice President and Country Chair for Egypt, also said that the company plans to potentially begin drilling of the first well during the first half of 2023.

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IMF Trims 2025 Middle East, North Africa Growth Forecast

Jihad Azour, Director of International Monetary Fund Middle East and Central Asia Department, speaks during a press conference at the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., US, April 24, 2025. REUTERS/Elizabeth Frantz
Jihad Azour, Director of International Monetary Fund Middle East and Central Asia Department, speaks during a press conference at the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., US, April 24, 2025. REUTERS/Elizabeth Frantz
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IMF Trims 2025 Middle East, North Africa Growth Forecast

Jihad Azour, Director of International Monetary Fund Middle East and Central Asia Department, speaks during a press conference at the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., US, April 24, 2025. REUTERS/Elizabeth Frantz
Jihad Azour, Director of International Monetary Fund Middle East and Central Asia Department, speaks during a press conference at the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., US, April 24, 2025. REUTERS/Elizabeth Frantz

The International Monetary Fund said on Thursday it now expects Middle East and North Africa economies to grow by just 2.6% in 2025 as uncertainties stemming from a global trade war and weaker oil prices weigh on the region.
The fresh projection marked a sharp downgrade from its October projection of 4% growth and comes as the region grapples with geopolitical tensions, softer external demand and oil market volatility.
"Uncertainty could impact the real economy, consumption, investment... all these elements led to a softening of our projections," Jihad Azour, the IMF's director for the Middle East and Central Asia department, told Reuters in an interview.
"The direct impact of the tariff measures is limited because the integration in terms of trade between the region and the US is limited."
"The ongoing conflicts in the MENA region have inflicted profound humanitarian costs and left deep economic scars," the IMF said in the report, adding that the impact has been severe for the region's oil importing economies.
The MENA non-oil importers are now expected to see real GDP growth of 3.4% in 2025, versus an earlier forecast of 3.6%.

Growth among non-Gulf Cooperation Council oil exporters is expected to slow by one percentage point in 2025 - a sharp downward revision - before staging a modest recovery in 2026.
On the other hand, GCC economies are projected to strengthen, though at a slower pace than anticipated in October.
IMF projects GCC's GDP growth for 2025 at 3%, down from its October forecast of a 4.2% increase.