Shell Egypt NV and Shell Austria GmbH have accomplished the sale of their upstream belongings in Egypt’s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum Company and Cairn Power PLC
The sale is made for a base consideration of US$646mn and extra funds of as much as US$280mn between 2021 and 2024, contingent on the oil value and the outcomes of additional exploration.
The sale was introduced on 9 March 2021 and the transaction’s efficient date is 1 January 2020. Completion follows receipt of all mandatory regulatory approvals.
With this transaction Shell is refocusing its enterprise in Egypt on our current infrastructure place within the West Delta Deep Marine (WDDM), the Harmattan Deep Venture and Exploration acreage within the new seven blocks within the Nile Delta, West Mediterranean and the Pink Sea; in Midstream via our Egyptian LNG (ELNG) joint-venture; and in Downstream via Shell Lubricants Egypt (SLE).