Shell Strikes $926 Million Deal to Sell Oil Assets in Egyptian Desert

Bloomberg2021-03-09

Shell divests concessions for up to $926m to Cairn, Cheiron Cairn in turn offloads U.K. stakes for at least $460 million Cairn Energy Plcre shuffled its portfolio, selling $460 million of assets in ...

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Newthk
2021-03-10
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2021-03-09
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2021-03-09
clwm
oh no
Baper
2021-03-09
Baper
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Cairn’s retreat from the North Sea comes after several other international producers have withdrawn from the aging region. Meanwhile its purchase in Egypt enables Shell to chalk up proceeds in an ongoing divestment program.\n“Cairn needed to rejuvenate its investment case, and this move does that,” Al Stanton, an analyst at RBC Capital Markets, said in a note. “However, shareholders are faced with a steep learning curve” and Egyptian assets typically provide “limited oil-price leverage.”\nCairn tumbled as much as 7.4% in London trading, and was down 4.2% at 190.3 pence as of 11:07 a.m. local time.\nThe deal in Egypt, back on after delays last year, consists of Shell’s interest in 13 onshore concessions and in Badr El-Din Petroleum Co. The U.K.’s Cairn, together with Cairo-based Cheiron Petroleum Corp., will buy the assets for $646 million and make additional payments of as much as $280 million by 2024, “contingent on the oil price and the results of further exploration,” Shell said in a statement.\nThe deal “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,” the Anglo-Dutch oil major said.\nCairn, in turn, is selling its stakes in the U.K.’s Catcher and Kraken fields to Waldorf Production U.K. Ltd. for $460 million with a further uncapped contingent consideration dependent on oil-price and production performance. The fields are moving “into decline phase,” the company said.\nCairn will keep some exploration operations in the North Sea, including the Nelson project in partnership with Shell.\nWaldorf, which made its first investment in the region just over a year ago,said Tuesday the North Sea is “uniquely suited” for smaller players. In addition to Cairn’s assets it’s also buying stakes in exploration blocks fromDelek Group Ltd.’s Ithaca unit, including the Fotla prospect.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":323135255,"gmtCreate":1615308368977,"gmtModify":1703487219563,"author":{"id":"3577334382857440","authorId":"3577334382857440","name":"Newthk","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577334382857440","authorIdStr":"3577334382857440"},"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323135255","repostId":1155495533,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":323902914,"gmtCreate":1615295508338,"gmtModify":1703486899072,"author":{"id":"3574148719066230","authorId":"3574148719066230","name":"Ollieoreo","avatar":"https://static.tigerbbs.com/a2519bd72a3f61c3e99309a5893dede5","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574148719066230","authorIdStr":"3574148719066230"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323902914","repostId":1155495533,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":323065047,"gmtCreate":1615290568089,"gmtModify":1703486831446,"author":{"id":"3570226730445233","authorId":"3570226730445233","name":"clwm","avatar":"https://static.tigerbbs.com/73b3cf773e46998576585186da193f53","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3570226730445233","authorIdStr":"3570226730445233"},"htmlText":"oh no","listText":"oh no","text":"oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323065047","repostId":1155495533,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":323061904,"gmtCreate":1615290202208,"gmtModify":1703486825166,"author":{"id":"3574683709420484","authorId":"3574683709420484","name":"Baper","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574683709420484","authorIdStr":"3574683709420484"},"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/323061904","repostId":1155495533,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3751511,"gmtCreate":1615291091086,"gmtModify":1635756873937,"authorId":3554895157968981,"author":{"id":3554895157968981,"idStr":"3554895157968981","authorId":3554895157968981,"name":"canoboi","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":323061904,"type":1,"supId":0,"prevId":0,"content":"hi","text":"hi","html":"hi"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":19,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1155495533"}