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CAIRO, March 9 (Reuters) - Shell Egypt has entered
into an agreement to sell upstream assets in Egypt's Western
Desert to Cheiron Petroleum Corporation and Cairn Energy Plc
for up to $926 million, the company said on Tuesday.
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.
"It will enable Shell to concentrate on its offshore
exploration and integrated value chain in Egypt, including seven
new blocks in the Nile Delta, West Mediterranean and Red Sea,"
the company said.
(Reporting by Ehab Farouk and Nadine Awadalla; writing by Aidan
Lewis; editing by Jason Neely)
