Carlyle, Cairn Energy-backed group among bidders for Shell’s Egypt assets-sources - REUTERS

JULY 15, 2020 / 4:25 PM

Hadeel Al Sayegh, Ron Bousso

DUBAI/LONDON, July 15 (Reuters) - Buyout firm Carlyle and a consortium backed by Cairn Energy are among the bidders for Royal Dutch Shell’s onshore Egyptian oil and gas assets, two sources with knowledge of the matter told Reuters.

Bids for the assets are now expected to be sharply lower than initial estimates of up to $1 billion due to a weaker outlook for global oil and gas prices, said the sources, declining to be named as the matter is not public.

Shell launched a process at the end of November to sell its onshore upstream assets in the Western Desert as it focuses on expanding its Egyptian offshore gas exploration.

Shell appoints Citi for $1 bln sale of Egypt assets -sources - REUTERS

NOVEMBER 15, 2019 / 2:21 PM
Ron Bousso

• Western Desert sale process to launch end of Nov.
• Shell’s share of production reached 100,000 boed last year

LONDON, Nov 15 (Reuters) - Royal Dutch Shell has appointed investment bank Citi to run the sale of its onshore Egyptian oil and gas assets which could fetch around $1 billion, sources close to the process said.

The sale process is expected to be officially launched at the end of November, the sources said.

Shell said last month it plans to sell its onshore upstream assets in the Western Desert to focus on expanding its Egyptian offshore gas exploration.