Cairn Energy PLC is expecting to complete the acquisition of Shell Egypt's Western Desert assets in Q3 2021.

Shell Egypt has announced that it entered into a share purchase agreement (SPA) for its onshore assets in the Western Desert of Egypt, with a consortium made up of subsidiaries of Cherion Petroleum Corporation and Carin Energy PLC.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, has approved the agreement signed between Wintershall Dea, Cheiron and INA to jointly explore the East Damanhour onshore block.

Cheiron Petroleum Corporation has agreed to purchase 50% of Shell’s upstream oil and gas interests in the Western Desert, according to press release. The remaining 50% of the interests will be purchased by Cheiron’s strategic partner, Cairn Energy plc, a new entrant into the Egyptian upstream sector.

H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, asserted the importance of developing brownfields, referring to several revival strategies that were used in Egypt. The minister remarks came during Egypt Oil & Gas (EOG) Committee’s virtual roundtable titled ‘Increasing Investments in Egypt’s Brownfields Opportunities’ on Sunday, October 18.

The Ministry of Petroleum and Mineral Resources, and Egypt Oil & Gas (EOG) Technical Committee through its Corporate Social Responsibility (CSR) subcommittee have sent the second batch of medical equipment today, Thursday 17, to support the medical community amid the coronavirus (COVID-19) outbreak.

Apache Corporation and London-listed Pharos Energy are among the bidders interested in buying Shell’s onshore assets in Egypt.