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UK s Cairn Energy to sell interests in North Sea oil fields
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UK s Cairn Energy to sell interests in North Sea oil fields
Reuters / Mar 9, 2021, 13:24 IST
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NEW DELHI: Cairn Energy has agreed to sell its interests in the UK Catcher and Kraken oil fields in the North Sea to Waldorf Production Ltd for $460 million in cash, the company said on Tuesday.
Cairn said both oil fields are now entering into a natural decline phase and the sale will help it bolster its balance sheet and provide flexibility to sustain and prolong the producing asset base.
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Required fields Cairn, in consortium with Cheiron, has agreed to acquire Shell s oil-and-gas portfolio in the Western Desert of Egypt for $646 million upfront and up to $280 million in contingencies The group has also agreed a $460 million asset disposal in the U.K., and said it is taking all necessary steps to realize the $1.2 billion Indian damages award Cairn s 2020 net loss came in at $394 million By Jaime Llinares Taboada Cairn Energy PLC on Tuesday said that its consortium with Cheiron Petroleum Co. has agreed to acquire Royal Dutch Shell PLC s Western Desert assets in Egypt for $646 million. The FTSE 250 energy company said Western Desert will expand and diversify its producing asset base, as the deal is expected to add 33,000-39,000 barrels of oil equivalent a day in 2021 of which 66% is gas. Cairn will acquire 50% of the assets and pay 50% of the price.
Cairn Energy to sell interests in North Sea oil fields for $460m
Cairn will sell its entire 20 per cent interest in the Catcher field and 29.5 per cent interest in the Kraken field. (Getty Images)
Cairn Energy has agreed to sell its interests in the UK Catcher and Kraken oil fields in the North Sea.
Waldorf Production Ltd will acquire the interests for $460m in cash, the company said on Tuesday.
EDINBURGH (dpa-AFX) - Cairn Energy (CNE.L) reported Tuesday that its fiscal 2020 loss before tax from continuing operations was $117.4 million, compared to prior year's profit of $119.5 million.Loss