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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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GASTAT: Saudi Industrial Production Index Increases by 3.4% in November 2024

GASTAT publishes the IPI monthly. SPA
GASTAT publishes the IPI monthly. SPA
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GASTAT: Saudi Industrial Production Index Increases by 3.4% in November 2024

GASTAT publishes the IPI monthly. SPA
GASTAT publishes the IPI monthly. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) said Thursday that the Industrial Production Index (IPI) statistics for November 2024 showed a 3.4% increase compared to the same month of the previous year.

This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities, GASTAT said.

Furthermore, the sub-index of mining and quarrying activity increased by 1.2%, and the sub-index of manufacturing activity increased by 7.2%.

The sub-index of electricity, gas, steam, and air conditioning supply activity recorded a decrease of 2.1%, and the sub-index of water supply, sewerage and waste management and remediation activities increased by 10.5%.

The IPI by main economic activities increased by 3.8% compared to the same month of the previous year, while the index of non-oil activities also increased by 2.4%.

GASTAT publishes the IPI monthly. It is an economic indicator that reflects the relative changes in the volume of industrial output. It is calculated based on the industrial production survey.