NRF acts for Shell on USD 926 million Egypt sale
Published by: Sandy Bhadare at 23 Mar 2021 The Hague-headquartered energy company Shell has inked an agreement for the sale of its upstream assets i.
The Hague-headquartered energy company Shell has inked an agreement for the sale of its upstream assets in Egypt for a total consideration of USD 926 million.
Shell announced signing an agreement for the sale of the assets to a consortium comprising independent exploration and production (E&P) company Cheiron Petroleum Corporation, and Edinburgh-headquartered and London Stock Exchange-listed E&P company Cairn Energy.
Under the terms of the agreement, the consortium will acquire Shell’s upstream assets in Egypt’s Western Desert for an initial price of USD 646 million, with additional payments of a maximum of USD 280 million until 2024, dependent on the price of oil and out
Home / Oil & Energy / Oil & Companies News / Shell signs an agreement for its onshore upstream interests in Egypt with Cheiron Petroleum Corporation and Cairn Energy PLC
Shell signs an agreement for its onshore upstream interests in Egypt with Cheiron Petroleum Corporation and Cairn Energy PLC
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 US$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.
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).
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