Shell Picks Citi Bank for $1bn Sale of Egyptian Oil Assets

Oil supermajor Royal Dutch Shell has appointed investment bank Citi to run the $1bn (£781.5m) sale of its oil and gas assets in Egypt’s Western Desert.

Sources told Reuters that the sale should be officially launched at the end of the month.

Shell announced plans for the sale, which includes a portfolio of 19 oil and gas leases with production of 100,000 barrels of oil per day, in October. The company said that it was getting rid of the onshore assets so it could focus instead on developing its offshore footprint in the country.

Khaled Kacem, Shell Egypt country chair, said: “Shell companies are progressing with new offshore activities, including our West Delta deep marine phase 9b project, which involves eight new development wells, and exploration, for which a 2nd offshore rig has been mobilized.

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