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Shell plans to sell onshore upstream assets in Egypt

Shell plans to sell onshore upstream assets in Egypt

 

According to Reuters, Shell is planning to sell its onshore upstream assets in Egypt’s Western Desert in order to help expand its Egyptian offshore gas exploration.

Having won three oil and two gas concessions in Egypt last February, a senior executive at Shell recently told Reuters that it would begin operating the new areas in 2H20.

Wael Sawan, Shell upstream director, said: “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.

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

According to Reuters, Khaled Kacem, Shell Egypt Chairman, has said that he expects talks with possible buyers of the Western Desert assets to begin in 4Q19.

Source: lngindustry.com

Published: 21-10-2019

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