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Monday, 9 March 2020

Four bidders for Shell’s onshore assets in Egypt

More companies declare bids for Shell’s onshore assets in Egypt: US oil and gas producers Apache and Apex International Energy, have reportedly submitted bids to acquire Shell’s onshore assets in Egypt, Al Mal reported citing unnamed sources. The companies join other potential buyers, including Cheiron and Pharos Energy.

Background: Shell announced last year its intention to exit its onshore upstream assets in the Western Desert to focus on expanding its Egyptian offshore gas exploration efforts and appointed Citigroup to manage the USD 1 bn sale. The company was also considering resuming exploration at the Rosetta concession in Rashid, which had stopped over a year ago.

Correction: 09/03/2020

A previous version of this article incorrectly stated that Energean Oil & Gas had bid for Shell’s portfolio, and mistakenly said that PICO and Cheiron are separate companies.

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