Shell Egypt has entered into an agreement to sell upstream assets in Egypt’s Western Desert to Cheiron Petroleum Corporation and Cairn Energy for up to $926 million, Report informs, referring to Reuters.
The deal includes Shell Egypt’s stake in 13 onshore concessions and its share in the Badr El-Din Petroleum Company (BAPETCO). It is subject to government and regulatory approvals and is expected to be completed in the second half of 2021, the statement said.
It sets a base price of $646 million, with additional payments of up to $280 million between 2021 and 2024, subject to the oil price and exploration results.
At the end of the fourth quarter of 2020, Royal Dutch Shell Plc recorded a net loss of $4.01 billion. A year earlier, the company’s profit for the same period amounted to $965 million.