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