Skip to main content

Shell completes sale of Western Desert assets in Egypt to Cheiron Petroleum Corp. and Cairn Energy

Published by
Oilfield Technology,


Shell Egypt N.V. and Shell Austria GmbH, subsidiaries of 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.

Shell is refocusing its business in Egypt on its 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 its Egyptian LNG (ELNG) joint venture; and in downstream through Shell Lubricants Egypt (SLE).


Read the latest issue of Oilfield Technology in full for free: Issue 3 2021

Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.

Exclusive contributions come from Wild Well Control, Cudd Pressure Control, TMK, NOV, Archer, Tendeka, TETRA Technologies and more.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/24092021/shell-completes-sale-of-western-desert-assets-in-egypt-to-cheiron-petroleum-corp-and-cairn-energy/

You might also like

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Upstream news Shell news Oil & gas news