Sept 24 (LNGJ) - Shell, which has operated in Egypt for 110 years, has completed the sale of its upstream assets in the Egyptian Western Desert to a consortium as the Anglo-Dutch company now plans to concentrate on other Egyptian hydrocarbon basins and on its LNG business. The Shell sale was to Egypt-based Cheiron Petroleum Corp. and UK-listed Cairn Energy Plc for $646 million and additional payments of up to $280M between 2021 and 2024, contingent on the oil price and the results of further exploration.
“With this transaction Shell is refocusing its business in Egypt on our existing infrastructure position in the West Delta Deep Marine, the Harmattan Deep Project and exploration acreage in the new seven blocks in the Nile Delta, West Mediterranean and the Red Sea, in our Egyptian LNG (ELNG) joint venture and in Downstream through Shell Lubricants Egypt,” said Shell.
