Royal Dutch Shell plans to sell its onshore upstream assets in Egypt's Western Desert to focus on expanding its Egyptian offshore gas exploration, Shell Egypt said on Oct. 20.
Having won three oil and two gas concessions in Egypt last February, senior executive last week told Reuters that the company would start operating the new areas in the second half of next year.
“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," Wael Sawan, Shell upstream director, said in a statement.
"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 Egypt Chairman Khaled Kacem said that he expects talks with potential buyers of the Western Desert assets to start in the final quarter of this year.
Recommended Reading
Howard: Midstream’s M&A Renaissance
2024-09-26 - The conditions for midstream dealmaking are the most favorable since the late 1990s and early 2000s.
Electricity and LNG Drive Midstream Growth as M&A Looms
2024-09-26 - The midstream sector sees surging global and domestic demand with fewer players left to offer ‘wellhead to water’ services.
Midstream Majors Enjoy a Healthy M&A Market, For Now
2024-09-24 - The latest era of midstream consolidation has shrunk the pool of independents, but the number is still historically high.
Diamondback, Kinetik Boost Stake in Permian EPIC Crude Pipeline
2024-09-24 - Diamondback Energy, in partnership with Kinetik, is boosting its takeaway capacity and ownership stake in the EPIC Crude pipeline after closing a $26 billion Permian Basin acquisition.
Exclusive Q&A: LNG Canada to Open Country Up to Asian, Global Markets
2024-09-23 - The start-up of LNG Canada in mid-2025 will give its five joint venture partners access to liquefaction and international trade, which wasn’t a possibility from Canada before, an LNG Canada vice president told Hart Energy.