EnergyWatch

Shell divests upstream assets in Egypt

The oil supermajor completes a sale potentially bringing in USD 926m.

Photo: NICK OXFORD/REUTERS / X03416

Shell Egypt and Shell Austria have completed the sale of the companies' upstream activities in the western desert of Egypt to a consortium between Egyptian firm Cheiron and the UK's Cairn Energy.

The consortium pays Shell an initial USD 646m, with additional payment of up to USD 280m agreed between 2021 and 2024, depending on oil prices and further finds in the area.

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