Shell Egypt is putting its current onshore upstream assets in the Western Desert up for sale to be able to focus on expanding its Egyptian offshore exploration and integrated gas business, according to a press release by the company.
“We are looking for a capable buyer that will bring new investment and growth into the Western Desert and build on our successful partnership with the Egyptian General Petroleum Corporation,” Khaled Kacem, Shell Egypt Country Chair, said. He added that “any sale is contingent on finding an appropriate buyer, commercial negotiations, and required approvals. We anticipate the start of active engagement with potential buyers in Q4 2019. During the divestment process we remain committed to ensure continued safe and reliable operations, and will keep our stakeholders regularly informed.”
According to Kacem, “Shell companies are progressing with new offshore activities, including our West Delta Deep Marine (WDDM) Phase 9B project, which involves eight new development wells, and exploration in WDDM, for which a 2nd offshore rig has been recently mobilized, that will be followed up with exploration in Rosetta as well as the recently awarded Blocks 4 and 6.”
“Shell is proud to have worked in Egypt for over 100 years. 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 optimize our portfolio to ensure the company delivers a world class investment case,” Shell Upstream Director, Wael Sawan, said.
