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Shell signs $926MM deal to sell Egyptian onshore assets to Cairn Energy 3/9/2021
Cheiron Petroleum drilling crew
(Bloomberg) Cairn Energy Plc reshuffled its portfolio, selling $460 million of assets in the U.K. North Sea and buying projects in Egyptâs Western Desert from Royal Dutch Shell Plc.
Both deals, announced Tuesday and seen completing in the second half of 2021, follow a pickup in oil and gas acquisitions after 2020âs pandemic-driven slump. Cairnâs retreat from the North Sea comes after several other international producers have withdrawn from the aging region. Meanwhile its purchase in Egypt enables Shell to chalk up proceeds in an ongoing divestment program.