Egypt- Shell close to finalising sale of its oil assets in Western Desert - MENAFN / DAILY NEWS EGYPT

11/27/2019 6:14:45 AM 

(MENAFN - Daily News Egypt) Dutch Shell company is close to finalising the sale of its existing oil assets and natural gas concession areas in the Western Desert, which represent about 80% of its assets in Egypt.

A source in the petroleum sector told Daily News Egypt that after completing the deal, the company will only have Rashid and Burullus fields whose production is estimated at 290m cubic feet of gas per day (scf/day).

He added that the company has five research and exploration areas after winning the Egyptian Natural Gas Holding Company's (EGAS) tender. This will not be included in the sale as there is no development and production agreement.

He explained that Shell Egypt was granted oil exploration rights in three areas in the concessions of West Fayoum, Southeast Horus, and South Abu Sinan with investments of $24.7m, $24.5m, and $7.8m, respectively. The company also plans to obtain 14 exploratory wells in the Egyptian General Petroleum Corporation's (EGPC) tender.

EGAS, EGPC 2018 Bid Rounds results announced with 12 blocks awarded - ENERGY EGYPT

FEBRUARY 13, 2019 AT 3:10 AM

Shell wins big in Egypt: Supermajor lands five blocks in latest bid round, while ExxonMobil makes debut.

Royal Dutch Shell, Eni, BP and Exxon Mobil were among the winners in one of Egypt’s largest ever oil and gas exploration tenders on Tuesday, as the country looks to sustain an investment upswing spurred by major discoveries.

The awards marked Exxon Mobil’s entry into gas exploration in Egypt, while Shell was handed the most concessions, three for oil and two for gas, at an annual petroleum show that Egypt has used to promote itself as a hub for gas production and trading in the Eastern Mediterranean.