AfricaContracts and Tenders

Shell wraps up sale of Egypt assets

By LNG Prime Staff
Shell wraps up sale of Egypt assets
Image: Shell

LNG giant Shell said it has completed the sale of its upstream assets in Egypt’s Western Desert for up to $926 million.

Shell Egypt and Shell Austria have sold the assets to a consortium made up of units of Cheiron Petroleum and Cairn Energy.

The deal includes a base consideration of $646 million and additional payments of up to $280 million between 2021 and 2024, contingent on the oil price and the results of further exploration, Shell said in a statement.

Shell revealed this transaction in March this year. Completion follows receipt of all necessary regulatory approvals.

The package of assets consists of Shell Egypt’s interest in 13 onshore concessions and the company’s share in Badr El-Din Petroleum Company (BAPETCO).

Following the transaction, Shell said it would focus on its offshore exploration and integrated value chain in Egypt, including seven new blocks in the Nile Delta, West Mediterranean, and Red Sea.

Shell’s integrated portfolio in the country also includes LNG through its Egyptian LNG (ELNG) joint venture and the lubricants business through Shell Lubricants.

Most Popular

LNG Terminals

LNG carrier arrives to load first LNG Canada cargo

The 174,000-cbm GasLog Glasgow has arrived at the LNG Canada jetty in Kitimat to load the first LNG cargo produced at the Shell-led terminal, an LNG Canada spokesperson told LNG Prime on Saturday.
Vessels

Knutsen, Shell name ninth LNG newbuild

Norwegian shipowner Knutsen and UK-based energy giant Shell have named the ninth and final LNG carrier in a series of 174,000-cbm vessels.
Contracts and Tenders

BP seals LNG SPA with Italy’s A2A

UK-based energy giant BP has signed a long-term liquefied natural gas (LNG) supply deal with Italian electricity and gas distributor A2A.

More News Like This

LNG Terminals

Shell ships first LNG Canada cargo

LNG giant Shell and its partners have shipped the first cargo produced at the LNG Canada facility in Kitimat, on the west coast of Canada.
LNG Terminals

Peru LNG shipped five cargoes in June

Peru LNG’s liquefaction plant at Pampa Melchorita has shipped five liquefied natural gas cargoes in June, the same as in the previous month.
Vessels

Knutsen, Shell name ninth LNG newbuild

Norwegian shipowner Knutsen and UK-based energy giant Shell have named the ninth and final LNG carrier in a series of 174,000-cbm vessels.
LNG Terminals

LNG carrier arrives to load first LNG Canada cargo

The 174,000-cbm GasLog Glasgow has arrived at the LNG Canada jetty in Kitimat to load the first LNG cargo produced at the Shell-led terminal, an LNG Canada spokesperson told LNG Prime on Saturday.

2025. © All rights reserved. LNG Prime LLC. 447 Broadway, New York, NY 10013, USA