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2021-03-02 12:10:00

SHELL INVESTMENT FOR EGYPT $0.9 BLN

SHELL INVESTMENT FOR EGYPT $0.9 BLN

SHELLMar 9, 2021 - Shell Egypt and one of its affiliates have signed an agreement with a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC to acquire Shell’s upstream assets in Egypt’s Western Desert for a base consideration of US$646 million and additional payments of up to $280 million between 2021 and 2024, contingent on the oil price and the results of further exploration.

The transaction is subject to government and…

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