Shell wraps up sale of Egypt assets

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.

- Advertisements -

Most Popular

Golden Pass LNG to speed up pipeline construction

QatarEnergy and ExxonMobil are seeking approval from US energy regulators to increase the peak workforce to speed up the...

US FERC to decide on Venture Global’s CP2 LNG project

The US FERC is set to decide next week on Venture Global LNG's proposed CP2 LNG project in Louisiana. According...

Singapore LNG bunkering volumes hit new record

Singapore’s liquefied natural gas (LNG) bunkering sales reached a new record in May, according to Singapore’s Maritime and Port...

More News Like This

Singapore’s Temasek says to sell Pavilion to Shell

Singapore's investment firm Temasek said it had agreed to sell 100 percent of its shares in Pavilion Energy to...

Peru LNG boosts truck loading capacity

LNG terminal operator Peru LNG has increased the truck loading capacity at its 4.4 mtpa liquefaction and export plant...

Venture Global LNG’s customers get access to Calcasieu Pass documents

The US FERC has ordered LNG exporter Venture Global LNG to provide its customers with documents about the commissioning...

Gasum supplies bio-LNG to Metallica’s tour trucks

Finnish state-owned energy firm and LNG supplier, Gasum, delivered bio-LNG to Metallica's Iveco tour trucks in Finland. According to a...