Mubadala buys 20% stake in Shell's oil venture
United Arab Emirates: Wednesday, April 02 - 2008 at 07:29
Abu Dhabi-based Mubadala Development Company yesterday said its wholly-owned subsidiary Liwa Energy has purchased a 20% stake in Shell's current exploration and production ventures in Algeria. Shell holds two production sharing contracts in the Reggane Djebel Hirane and Zerafa permits in Algeria where it is conducting an exploration and appraisal campaign in partnership with Sonatrach, the Algerian national oil and gas company. The revised interests in the Reggane Djebel Hirane and Zerafa Production Sharing Contracts give a 25% share to Sonatrach (carried interest during exploration), 60% to Shell affiliates and 15% to Liwa Energy, Mubadala said.
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Jeff Florian, Senior ReporterWednesday, April 02 - 2008 at 07:29 UAE local time (GMT+4)
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