Cheiron Petroleum and Cairn Energy sign agreement to acquire Shell's onshore interests in Egypt
Published by Nicholas Woodroof,
The transaction is subject to government and regulatory approvals and 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 Co. (BAPETCO).
“Today’s announcement is consistent with Shell’s efforts to shift our Upstream portfolio to one that is more focused, resilient and competitive” said Wael Sawan, Shell’s Upstream Director.
“The deal will deliver value to Shell and to Egypt. It will enable Shell to concentrate on its offshore exploration and integrated value chain in Egypt, including seven new blocks in the Nile Delta, West Mediterranean and Red Sea. It will help Egypt maximise the potential of its onshore assets through new investment, helping secure energy and revenue for years to come.”
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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09032021/cheiron-petroleum-and-cairn-energy-sign-agreement-to-acquire-shells-onshore-interests-in-egypt/
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