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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Oil & gas company Eni agrees to merge Meleiha and Meleiha Deep concessions in Egypt

EGYPT – Eni SPA E, an Italian multinational oil and gas, has agreed to merge the Meleiha and Meleiha Deep concessions in the Western Desert of Egypt. It has signed a deal with the Egyptian General Petroleum Corporation (EGPC) and Lukoil, which renamed the combined concessions as Merged Meleiha. The deal also extended the Merged Meleiha’s concessions to 2036, with possibilities of stretching the time period further to 2041. This is expected to unlock the true potential of the area’s resources. The company is expected to use high-resolution 3D seismic…

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