9:02 AM, 9th March 2021 Royal Dutch Shell s petrol station. (Representative Image/File Photo)
HAGUE, NETHERLANDS: Shell Egypt and one of its affiliates have signed an agreement with a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC to acquire Shell’s upstream assets in Egypt’s Western Desert for a base consideration of $646 million and additional payments of up to $280 million between 2021 and 2024, contingent on the oil price and the results of further exploration.
The transaction is expected to complete in the second half of 2021.
The package of assets consists of Shell Egypt’s interest in 13 onshore concessions and the company’s share in Badr El-Din Petroleum Company (BAPETCO).
- Shell signs an agreement for its euro-petrole.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from euro-petrole.com Daily Mail and Mail on Sunday newspapers.
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 Cairnâs retreat from the North Sea comes after several other international producers have withdrawn from the aging region.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.
TOP NEWS SUMMARY: Vodafone s Vantage Towers worth EUR15 billion on IPO
Tue, 9th Mar 2021 10:58
(Alliance News) - The following is a summary of top news stories Tuesday.
COMPANIES
Vodafone Group said its Vantage Towers spin-off may be worth nearly EUR15 billion on stock market admission before the end of March. The telecommunications firm outlined the price range for the unit s upcoming initial public offering in Frankfurt. Vantage Towers shares will fetch between EUR22.50 and EUR29.00 in its float. Vodafone explained this will imply a market capitalisation between EUR11.4 billion and EUR14.7 billion. The base offer size will be EUR2.0 billion, though Vodafone said there is flexibility to up this to EUR2.8 billion. Vodafone shares were up 1.5% in London.