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  • Shell completes sale of Western Desert assets in Egypt to Cheiron Petroleum Corporation and Cairn Energy PLC
    édité le 24/09/2021 - Plus de news de "SHELL" - Voir la fiche entreprise de "SHELL"


Shell completes sale of Western Desert assets in Egypt to Cheiron Petroleum Corporation and Cairn Energy PLC
Shell Egypt N.V. and Shell Austria GmbH, subsidiaries of Royal Dutch Shell, PLC (Shell), have completed the sale of their upstream assets in Egypt’s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC for a base consideration of US$ 646 million and additional payments of up to US$ 280 million between 2021 and 2024, contingent on the oil price and the results of further exploration.

The sale was announced on 9 March 2021 and the transaction’s effective date is 1 January 2020. Completion follows receipt of all necessary regulatory approvals.

With this transaction Shell is refocusing its business in Egypt on our existing infrastructure position in the West Delta Deep Marine (WDDM), the Harmattan Deep Project and Exploration acreage in the new seven blocks in the Nile Delta, West Mediterranean and the Red Sea; in Midstream through our Egyptian LNG (ELNG) joint-venture; and in Downstream through Shell Lubricants Egypt (SLE).

Shell has been active in Egypt for 110 years and remains a leading player in country.

Notes:

The effective date of 1 January 2020 represents the date economic interest moved to Purchasers. The consideration will be adjusted for net cash flows after this date.
Shell Egypt N.V. (“SENV”) and Shell Austria GmbH (“SAG”) (together referred to as "Shell" or “Sellers”) are indirectly held by the Royal Dutch Shell plc.

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 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 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 SHELL

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