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Shell looking to high grade portfolio with Egypt Western Desert asset sale
Shell is putting its onshore Western Desert assets up for sale in order to focus on offshore gas growth.
Commenting on the news, Toushar Chakrabarty, a research analyst on Wood Mackenzie’s North Africa upstream team, says: ‘We value the assets for sale at $775mn, mainly amongst the Badr El Din and North Alam El Shawish developments.’
‘Shell’s portfolio in the Western Desert is centred around five key areas, with an average production of about 110,000 boe/d in 2019. A drilling campaign is underway, but is only expected to mitigate decline on mature fields. However, the assets retain upside and have good access to infrastructure, which could interest companies with brownfield expertise.’
He adds: ‘Shell is trying to high-grade its portfolio by focusing on exploration opportunities, and its flagship offshore assets.’
News Item details
Journal title: Petroleum Review
Countries: Egypt -
Subjects: Exploration and production, Business management
