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  • Cheiron Petroleum Corporation announces the completion of its acquisition of 50% of Shell’s Egyptian Western Desert assets
    édité le 27/09/2021 - Plus de news de "Cheiron" - Voir la fiche entreprise de "Cheiron"

Cheiron Petroleum Corporation announces the completion of its acquisition of 50% of Shell’s Egyptian Western Desert assets
Cheiron Petroleum Corporation (Cheiron) is pleased to announce that it has completed the acquisition of 50% of Shell’s upstream oil and gas assets in the Western Desert. The remaining 50% of the interests will be purchased by Cairn Energy PLC (Cairn), Cheiron’s strategic partner.

The acquisition confirms Cheiron position as a leading Egyptian oil and gas operator and, following its successful long term investment program in the Gulf of Suez, cements its position as a Western Desert producer.

The acquired portfolio comprises over 20 producing fields, with their associated facilities and pipeline infrastructure, coupled with future development and exploration drilling opportunities.

Cheiron will operate the producing and development concessions, leveraging its extensive mature fields development expertise, and Cairn will operate three of the exploration blocks, drawing on its international exploration experience. The field activities will continue to be managed by the Bapetco Joint Operating Company.

The consideration paid for the interests is circa $323 million (net Cheiron) with additional contingent payments of up to $140 million, depending on oil price and exploration success.

Funding for the acquisition has been provided by a syndicate of nine International and European, Middle Eastern and African Banks and Lenders and advisory support provided by Rothschild & Co and Gaffney Cline and Associates.

David Thomas, Chief Executive of Cheiron commented:

“Cheiron is delighted to have completed this transaction and would like to thank the Government of Egypt for its continuing efforts to maintain an attractive investment climate for the energy sector and for approving Cheiron and Cairn’s entry into the concessions. We look forward to working with Cairn, as our new partner, and with the pre-eminent Bapetco Joint Operating Company as we collectively work to increase the production levels and reserves for the fields. We have an aggressive work program planned and, in the very short term, will be significantly increasing the pace of development and exploration drilling across the concessions to rapidly boost the oil and gas production rates.”

About Cheiron

Cheiron is an independent exploration and production company focusing on revitalizing and optimizing production at medium-sized mature fields. Our interests span the range of oil and gas upstream activity — from exploitation to full field development planning and operations.

From its robust base in the Egyptian mature fields region, Cheiron is actively expanding into international markets in need of its particular brand of expertise, with operations and assets in Mexico and Romania.

About Royal Dutch Shell plc

Royal Dutch Shell plc (LSE: RDSA) is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

About Cairn Energy PLC

Cairn is one of Europe's leading independent energy companies and has been listed on the London Stock Exchange for 30 years. Cairn has explored, discovered, developed and produced oil and gas in a variety of locations throughout the world as an operator and partner in all stages of the oil and gas lifecycle.

Cairn's exploration activities have a geographical focus in the North Sea, North and West Africa and Latin America, underpinned by interests in production and development assets. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Egypt, Mexico and Mauritania.

Origine : Communiqué Cheiron

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