Shell Egypt set to divest its upstream assets Western Desert for US$926m

EGYPT – Shell Egypt, a subsidiary of Royal Dutch Shell Plc, and one of its affiliates is set to divest their upstream assets in Egypt’s Western Desert to subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC for up to US$926 million. The company clarified in a statement Tuesday that the sales and purchase agreement (SPA) worth US$646 million with additional payments of up to US$280 million between 2021 and 2024, contingent on the oil price and the results of further exploration. The deal is expected to complete in the…

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