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.