Shell Egypt N.V. and Shell Austria GmbH, subsidiaries of Royal Dutch Shell, PLC (“Shell”), have completed the sale of their upstream assets in Egypt’s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC for a base consideration of US$ 646 million and additional payments of up to US$ 280 million between 2021 and 2024, contingent on the oil price and the results of further exploration.
The sale was announced on 9 March 2021 and the transaction’s effective date is 1 January 2020. Completion follows receipt of all necessary regulatory approvals.
With this transaction, Shell is refocusing its business in Egypt on our existing infrastructure position in the West Delta Deep Marine (WDDM), the Harmattan Deep Project, and Exploration acreage in the new seven blocks in the Nile Delta, West Mediterranean, and the Red Sea; in Midstream through our Egyptian LNG (ELNG) joint-venture; and in Downstream through Shell Lubricants Egypt (SLE).
Shell has been active in Egypt for 110 years and remains a leading player in the country.
Source: www.shell.com
