Apache Corp, Pharos Energy among bidders for Shell’s Egypt onshore assets

Royal Dutch Shell’s onshore Egyptian oil and gas assets have drawn interest from American, Egyptian, Asian and Middle East bidders, two sources familiar with the matter told Reuters. According to Reuters, Apache Corp and London-listed Pharos Energy are among the bidders.

Shell Egypt announced in October 2019 it was to market its current onshore upstream assets in the Western Desert in order to fully concentrate on growing its Egyptian offshore exploration and integrated gas business. Citigroup has been handling the sale process, which it is thought could fetch around $1 billion.

According to information on the Shell Egypt web site: In the Western Desert, its business portfolio includes stakes in 19 oil and gas producing development leases in the Badr El Din & Obaiyed area and four exploration concessions namely; North East Abu El Gharadig, West Sitra, Bed 1 gas and most recently, the West Alam El Shawish concession, which has strengthened its onshore portfolio by acquiring 40% share from Vegas (20%) and GDF (20%) and taking over operatorship.

Click here for Reuters article: Apache Corp, Pharos Energy among bidders for Shell’s Egypt onshore assets: sources

Source: Shell / Reuters / energy-pedia

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