CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Shell sells upstream assets in Egypt

By Fitri Wulandari

09:30, 24 September 2021

Shell headquarters in The Hague, Netherlands
Shell headquarters in The Hague, Netherlands - Photo: Shutterstock

Shell announced on Friday that its subsidiaries, Shell Egypt NV and Shell Austria GmbH, have completed the sale of their upstream assets in Egypt’s Western Desert.

The assets were sold to a consortium consist of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy, for a base consideration of $646m and additional payments of up to $280m between 2021 and 2024, contingent on the oil price and the results of further exploration, the company said in the statement.

“With the transaction Shell is refocusing its business in Egypt on its existing infrastructure position the West Delta Deep Marine (WDDM), the Harmattan Deep Project and Exploration acreage in the new seven blocks in the Nile Delta, West Mediterranean and the Red Sea,” the company said.

Oil - Crude

69.60 Price
-4.750% 1D Chg, %
Long position overnight fee -0.0155%
Short position overnight fee -0.0064%
Overnight fee time 21:00 (UTC)
Spread 0.03

Gold

1,959.57 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0183%
Short position overnight fee 0.0101%
Overnight fee time 21:00 (UTC)
Spread 0.30

XRP/USD

0.52 Price
+5.220% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.00585

US100

14,368.20 Price
0.000% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 3.0

Midstream-downstream

In the midstream, Shell focuses on its Egyptian LNG joint venture and in downstream through Shell Lubricants Egypt.

The sale was announced on 9 March 2021. The transaction’s effective date is 1 January 2020. Completion follows receipt of all necessary regulatory approvals.

Read more: Shell to sell Permian Basin assets to ConocoPhillips for .5bn

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 530.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading