Shell Nears Major Deal for Egypt’s Rahmat Gas Field Development Rights
British energy major Shell is reportedly close to securing development rights for Egypt’s offshore Rahmat natural gas field in the northeastern Mediterranean, marking a potentially significant expansion of international involvement in Egypt’s energy sector.
The deepwater field holds substantial reserves estimated at approximately 1.3 trillion cubic feet of natural gas and 80 million barrels of condensate, according to data from Pharaonic Petroleum Company, a joint venture between BP and the Egyptian government.
BP previously held the concession but relinquished rights two years ago after failing to meet development timeline requirements. Shell reportedly submitted the highest offer in an international bidding process that concluded in early July, encompassing 13 blocks including Rahmat.
The potential agreement follows Egypt’s March 2025 offering of seven undeveloped Mediterranean fields, including Rahmat, alongside six exploration concessions in the Gulf of Suez and Western Desert to both domestic and international energy companies.
If finalized, the deal would represent a significant expansion of Shell’s footprint in Egypt’s energy sector, demonstrating continued international confidence in the country’s offshore hydrocarbon resources despite regional challenges. The Rahmat field development would contribute to Egypt’s broader strategy of maximizing natural gas production to meet domestic demand while potentially creating surplus capacity for export markets.
Source: oilandgasmiddleeast.com
