Royal Dutch Shell has completed the sale of upstream assets in Egypt’s Western Desert to a consortium of Cheiron Petroleum and Cairn Energy for a base consideration of $646 million and additional payments of up to US$ 280 million between 2021 and 2024.
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 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).