Shell to Sell Egyptian onshore Assets

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Royal Dutch Shell has appointed Citi bank to run the sale of its onshore Egyptian oil and gas assets. The transaction is expected to fetch around $1 billion.
Royal Dutch Shell
Source: Handelsblatt.com
The sale process is expected to be officially launched at the end of November, according to sources close to the deal.
Shell is selling its onshore upstream assets in the Western Desert to focus on expanding its Egyptian offshore gas exploration.
The Western Desert portfolio includes stakes in 19 oil and gas leases of which Shell’s working interest included production of around 100,000 barrels of oil equivalent per day last year, one of the sources said.
Shell has declined to comment. Citi also declined to comment.
Egypt’s oil and gas sector has seen a rapid expansion in recent years after the discovery of vast offshore gas reserves has drawn major investments from international companies including Eni and BP.

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