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.
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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