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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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Escalating Hormuz Tensions Drive Up Middle East War Risk Insurance Costs

A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
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Escalating Hormuz Tensions Drive Up Middle East War Risk Insurance Costs

A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER

War risk insurance premiums for shipments to the Middle East Gulf have jumped to 0.5% from around 0.2-0.3% a week ago after US airstrikes on Iran’s nuclear facilities and growing risks to the critical Strait of Hormuz, insurance sources said on Monday.

The cost of a seven-day voyage is based on the value of the ship and the increase will add tens of thousands of dollars each day in additional costs.

While underwriters typically price risk and rates individually, the current 0.5% level reflected rates on Monday, the sources told Reuters and The Insurer, which is part of the Thomson Reuters group.