A source close to Shell disclosed to Reuters that the plans to sell Egyptian desert assets will begin at the end of this month. It is said to cover 19 oil and gas concessions with a production of 100,000 barrels per day for a total of one billion dollars.
It was learned that Shell selected Citi Investment Bank to help finalise the transaction.
Furthermore, the oil company intends to let go of its onshore assets to allow more room to build its offshore assets in Egypt.
In a recent update of Shell’s activities in Egypt, its chairman Khaled Kacem said it is making progress in its offshore activities, including the West Delta Deep, Rosetta and 6 recently awarded blocks.
The company has been in Egypt for over 100 years and as of now, the company has decided to support the government’s vision to make the nation a regional Hydrocarbon hub.