ENERGY

Shell Egypt plans to sell upstream assets in Western Desert

Shell plans to sell its upstream assets in Egypt’s Western Desert to focus on growing its offshore gas explorations in the country. (File photo: Reuters)

Royal Dutch Shell is looking to sell its onshore upstream assets in Egypt’s Western Desert to focus on growing its offshore gas explorations in the country, Shell Egypt said in a statement on Sunday.

“We remain committed to Egypt and see our future in supporting the government’s energy hub vision by growing Shell positions across the offshore and LNG value chain,” Wael Sawan, Shell Upstream Director, said in the statement.

“This is where we can best leverage our expertise, deliver the strongest added value to Egypt, and optimize our portfolio to ensure the company delivers a world class investment case,” Sawan added.

Most of Shell Egypt’s upstream operations are located in the Western Desert and the Nile delta. This includes 19 oil and gas producing developments in the Badr El Din and Obaiyed area in the Western Desert, as well as four exploration concessions.

“We are looking for a capable buyer that will bring new investment and growth into the Western Desert and build on our successful partnership with the Egyptian General Petroleum Corporation,” said Khaled Kacem, Shell Egypt Country Chair.

Kacem added that the company plans to start active talks with potential buyers in the fourth quarter of 2019.

Since the 1980s, Shell has had a joint venture partnership with the Egyptian General Petroleum Cooperation called the Badr El Din Petroleum Company (BAPETCo), which is responsible for the development and production of the company’s fields in the Western Desert.

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Last Update: Sunday, 20 October 2019 KSA 14:53 - GMT 11:53
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