On 21 April 2020, Pharos Energy (Pharos) announced that the company has elected not to follow-up on the possible acquisition of Shell's Western Desert assets. Company's press release indicates that in light of current market conditions, the Board of Pharos has determined that such acquisition is unlikely to be in shareholdersâ best interests and has accordingly decided to withdraw from the consortium that is evaluating that opportunity.  On 9 April 2020, industry sources reported that a consortium of Cheiron, Pharos and Cairn Energy had moved to a second round of bidding to acquire Shellâs Western Desert assets.  Background information  On 20 October 2019, Shell announced to market its current onshore upstream assets in the Western Desert in order to concentrate on growing its Egyptian offshore exploration and integrated gas business. The company is looking for a capable buyer that will bring new investment and growth into the Western Desert and build on its successful partnership with EGPC.  In late 2019, Shell was operating 31 blocks in the Western Desert (24 development/production and 7 exploration licences) including 55 fields/discoveries. Its working interest in the area potentially includes production of around 100,000 boe/d.
Pharos has elected not to follow-up on the possible acquisition of Shell's assets. Pharos had so far been involved in a Cairn-Cheiron-Pharos group, which had recently moved into phase 2 in the bid process. Up to USD 1 bn price tag had been suggested until the Covid influence moved-in. Involved are the Bapetco-held Badr El Din + Obayied areas. 