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Monday, October 21, 2019
Royal Dutch Shell, after last week announcing plans to begin operating offshore Egypt in H2 2020, said this weekend that it plans to sell its onshore Western Desert upstream assets to focus on its offshore exploration projects.
The company was awarded five offshore concessions early this year as a result of its participation in the EGAS bid round, three oil licenses and two gas licenses. Shell Egypt already held a 33% stake in North Damietta offshore concession in a consortium with BP and Petronas. Shell also secured a 33% share in the North Tinah offshore Concession where BP is the operator holding the remaining 66% share.
According to a Daily News Egypt report, Shell said it has begun to exit globally from onshore exploration and production areas to focus on and expand its work with offshore gas projects and deepwater operations.
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