Anglo-Dutch major Shell has received bids from Dubai’s Dragon Oil, the UK’s Cairn and US investment firm Carlyle Group for assets in Egypt’s Western Desert that produce 45,000 b/d oil and 410mn cfd gas, Reuters reports. Shell put the assets up for sale last October in the hope of raising $1bn (MEES, 25 October 2019).That price will almost certainly be far less now.
MEES understands Shell has moved all of its non-local staff out of its Western Desert acreage and is now relying on staff from Bapetco, its JV with state oil firm EGPC, to run operations. MEES also understands that local staff that have been let go by Shell due to cost-cutting measures have joined Dragon Oil which last year bought UK major BP’s Gulf of Suez, Gupco, operations (MEES, 7 June 2019). (CONTINUED - 250 WORDS)