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  • Shell signs an agreement for its onshore upstream interests in Egypt with Cheiron Petroleum Corporation and Cairn Energy PLC
    édité le 09/03/2021 - Plus de news de "SHELL" - Voir la fiche entreprise de "SHELL"


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.

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 Company (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 maximize the potential of its onshore assets through new investment, helping secure energy and revenue for years to come.”

Notes:

1. About Shell in Egypt

Shell Egypt N.V. (“SENV”) and Shell Austria GmbH (“SAG”) (together referred to as "Shell" or “Sellers”) are wholly owned by the Royal Dutch Shell plc. Shell has been active in Egypt for over 100 years and remains a leading player in country with investments spanning the value chain. Shell’s integrated portfolio includes exploration, upstream operations, LNG through our Egyptian LNG (ELNG) joint-venture, and the lubricants business through Shell Lubricants Egypt (SLE).

2. The transaction comprises the following assets:

  - a 50% non-operator interest Badr El-Din Petroleum Company (BAPETCO)

  - Producing assets operated by BAPETCO
    - a 100% interest in Obaiyed, North Umbaraka, Badr el Din (BED) fields, Sitra, North Alam El Shawish, and North Matruh
    - a 52% interest in North East Abu Gharadig where Shell Egypt is partnered with Apache Abu Gharadig Corporation LDC
    - a 40% interest in Alam El Shawish where Shell Egypt is partnered with North Petroleum International Company S.A. and Neptune Energy Alam El Shawish B.V.

  - The Shell Egypt-operated onshore exploration assets (100% Shell): South East Horus, West El Fayum, and South Abu Sennan.

3. Shell Egypt has recently acquired seven new offshore concessions

  - In the West Mediterranean, North Marina and North Cleopatra in the Herodotus Basin as operator through its subsidiary BG Delta Limited with partners Chevron through its subsidiaries (Noble Energy Egypt I B.V & Noble Egypt Energy II B.V) and Tharwa Petroleum Company S.A.E, and non-operator of North Ras Kanais in partnership with Total E&P Egypt Offshore Western Desert B.V (operator), Tharwa Petroleum Company and Kufpec Egypt Limited.

  - In the Red Sea, Shell Exploration & Production (93) BV has acquired two concessions as operator: Block 4 in partnership with Mubadala Petroleum (Red Sea Block 4) Holding RSC Limited and Tharwa Petroleum Company S.A.E., and Block 3 with Tharwa Petroleum Company.

  - In the West Nile Delta, BG Delta Limited acquired last year Blocks 4 and 6 as operator in partnership with PICL (Egypt) Corporation LTD and for which seismic activities are already underway.

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 oil and gas exploration and development 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, 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, Senegal and Mexico.

About Cheiron

Cheiron Petroleum Corporation (“Cheiron”), Egypt’s largest independent Exploration and Production company, is pleased to announce that it has agreed to purchase 50% of Shell’s upstream oil and gas interests in the Western Desert. The remaining 50% of the interests will be purchased by Cheiron’s strategic partner, Cairn Energy plc, a new entrant into the Egyptian upstream sector. Cheiron will operate the production and development concessions in the asset portfolio, using the experience gained over three decades of improving safety, production,…


Origine : Communiqué SHELL

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