Egypt

Shell Egypt to Sell Onshore Assets for up to $926 million

Published on : 2021-03-09

CAIRO (Reuters) - Shell Egypt has entered into an agreement to sell upstream assets in Egypt's Western Desert to Cheiron Petroleum Corporation and Cairn Energy Plc for up to $926 million, the company said on Tuesday.

The deal includes Shell Egypt’s stake in 13 onshore concessions and its share in the Badr El-Din Petroleum Company (BAPETCO). It is subject to government and regulatory approvals and is expected to be completed in the second half of 2021, the statement said.

It sets a base price of $646 million, with additional payments of up to $280 million between 2021 and 2024, subject to the oil price and exploration results.

“It will enable Shell to concentrate on its offshore exploration and integrated value chain in Egypt, including seven new blocks in the Nile Delta, West Mediterranean and Red Sea,” the company said.

Egypt, Italy probe cooperation in petroleum, renewable energy fields

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Shell Egypt and Partners Launch 11th Phase Development in Nile Delta Offshore Concession

Shell Egypt, along with partners EGAS, EGPC, and Petronas, have agreed to commence the 11th development phase in Egypt Nile Delta offshore West Delta Deep Marine (WDDM) concession in the Mediterranean Sea.

El Molla Reviews Methanex Plant Progress: Boosting Methanol Production and Sustainability

Minister of Petroleum and Mineral Resources Tarek El Molla recently inspected progress at the Methanex plant in Damietta, reviewing state-of-the-art facilities and production units designed for maximum safety and global sustainability