Apache, Pharos Energy Offer Buying Shell’s Onshore Assets

Apache, Pharos Energy Offer Buying Shell’s Onshore Assets

Apache Corporation and London-listed Pharos Energy are among the bidders interested in buying Shell’s onshore assets in Egypt, according to two anonymous sources familiar with the matter, Reuters reported.

The sources, who refused to be named as the matter is not public yet, noted that besides Apache and Pharos Energy, Shell’s onshore Egyptian assets have drawn interest from other American, Egyptian, Asian and Middle East bidders.

The sources added that Apex International Energy and Cheiron are among the bidders as well.

It is worth noting that Shell announced in October 2019 selling its onshore upstream assets in the Western Desert to focus on expanding its Egyptian offshore natural gas exploration activities.

Moreover, Shell appointed investment bank Citigroup to run the sale, which could fetch around $1 billion.


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