Deputy Chairman of Shell in Egypt, Moataz Darwish said that the company’s investment portfolio is one of the largest oil companies operating in Egypt.

Darwish added that the company operates in all sectors in the country, including production, exploration, drilling, liquefying gas, exporting.

He explained that the announced agreement to sell upstream assets in Egypt’s Western Desert to Cheiron Petroleum Corporation and Cairn Energy PlcCNE.L for up to $926 million comes in line with the company’s global and local strategy.

“Shell’s strategy aims is to focus on its offshore exploration and integrated value chain in Egypt, including seven new blocks in the Nile Delta, West Mediterranean and Red Sea,” he stressed.

The deal includes Shell Egypt’s stake in 13 onshore concessions and its share in the Badr El-Din Petroleum Company (BAPETCO).

He stressed that there is no intention to exit from the offshore assets in Egypt, but rather to move towards expansion and growth.

On Tuesday, Shell Egypt has announced the signing of an agreement to sell its onshore assets in the Western Desert of Egypt for a total fee of about $ 926 million.

Shell clarified, in a statement, that the payment of the value of the deal will be at an initial value of $646 million and payments of $280 million received between 2021-2024, based on oil trends, prices and the results of future explorations.

In addition, the company said that the deal is subject to government approvals, and is expected to be completed in the second half of this year.

Darwish pointed out that the coalition that won the deal includes an English and an Egyptian company, noting that the production of the area that was agreed to be sold amounted to about 100,000 barrels of equivalent oil per day last year.