Speaking to Reuters this week Shell Egypt country manager Khaled Kassem says his firm is looking to raise up to $1bn from the ongoing sale of its Western Desert acreage. The sale is a two-stage process with Shell thought close to finalizing a shortlist of ‘stage two’ qualifiers.
Mooted buyers include US firm Apache, the Western Desert’s top oil producer, compatriot Apex and Dubai state firm Enoc’s subsidiary Dragon Oil. Dragon has certainly been the most vocal of the three firms after entering Egypt in October with the $500mn purchase of UK major BP’s Gulf of Suez assets (MEES, 25 October 2019). (CONTINUED - 240 WORDS)