Shell completes sale of its upstream assets in Western Desert to Cheiron Petroleum and Cairn Energy

EGYPT – Shell, a global group of energy and petrochemical companies, has completed the sale of their upstream assets in Egypt’s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum and Cairn Energy. Shell said that the sale was conducted via its subsidiaries Shell Egypt N.V. and Shell Austria GmbH for a base consideration of US$646 million and additional payments of up to US$280 million between 2021 and 2024, contingent on the oil price and the results of further exploration. Initially, the sale was announced on March…

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