Shell completes assets sale in the Western Desert of Egypt

Shell have sold upstream assets in Egypt’s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC for a base consideration of US$ 646 million and additional payments of up to $280 million between 2021 and 2024, the company said in a statement.

"This transaction is in line with our plan to reshape our Upstream portfolio into one that is more focused, more resilient and more competitive to play a vital role in our Powering Progress strategy.  In Egypt, this includes our continued commitment to delivering value and supply across our gas value chain, such as our interests in the West Delta Deep Marine and in Midstream through our Egyptian LNG joint-venture,” said Wael Sawan, Shell’s Upstream Director.

The sale was previously announced on 9th of March 2021. The transaction was effective  1st of January 2020, which epresents the date economic interest moved to purchasers. The completion follows receipt of all necessary regulatory approvals, the company said.