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.
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.
