Shell Egypt completes sale of Western Desert assets to Cheiron Petroleum, Cairn Energy
Shell Egypt and Shell Austria, subsidiaries of Royal Dutch Shell, have completed the sale of their upstream assets in Egypt’s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum Corp and Cairn Energy 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 country.
Click here for Cairn Energy’s announcement: Completion of acquisition of Western Desert Assets, Egypt
Click here for Shell’s Announcement