{"id":557608,"date":"2021-09-26T04:00:58","date_gmt":"2021-09-26T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/"},"modified":"2021-09-26T04:00:58","modified_gmt":"2021-09-26T04:00:58","slug":"cheiron-cairn-energy-acquire-shells-western-desert-assets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/","title":{"rendered":"Cheiron, Cairn Energy acquire Shell\u2019s Western Desert assets"},"content":{"rendered":"

<\/a> Shell is out of the Western Desert:<\/strong> Cheiron<\/a> and partner Cairn Energy have acquired Shell\u2019s oil and gas assets in the Western Desert under an agreement in March<\/a> that could be worth up to USD 926 mn, the three companies announced in separate statements on Friday (here (pdf)<\/a><\/sup>, here<\/a> and here<\/a>).<\/p>\n

The agreement:<\/strong> Under the agreement, UK-listed Cairn and Egypt\u2019s Cheiron have purchased the Dutch energy giant\u2019s entire Western Desert portfolio for USD 646 mn, which could be extended to USD 926 mn depending on oil prices and exploration efforts over the next three years. Cheiron and Cairn are splitting ownership 50\/50, meaning that each will initially pay USD 323 mn.<\/p>\n

The portfolio:<\/strong> The assets include 13 onshore concessions with proven and probable reserves amounting to some 113 mn barrels, and Shell\u2019s stake in Badr El-Din Petroleum (Bapetco) \u2014 a joint venture company established with the state-owned Egyptian General Petroleum Corporation. Cheiron will receive assets producing almost 40k barrels of oil equivalent per day on a working interest basis, while Cairn will add between 33-38k boe\/d of production to its portfolio.<\/p>\n

Who does what:<\/strong> Under the acquisition Cheiron will operate the production and development concessions, while Cairn will be responsible for three of the exploration licenses. Bapetco will continue to manage the field activities. Cairn said earlier this month<\/a> that it intends to increase investment during the first half of 2022.<\/p>\n

What\u2019s next for Shell? <\/strong>The company is refocusing its business in Egypt on its existing infrastructure position, the West Delta Deep Marine, and LNG joint-venture.<\/p>\n

The Dutch oil giant has been wanting to offload its Western Desert assets since 2019<\/strong>, and was originally looking to sell them for as much as USD 1 bn<\/a>. A consortium of Cheiron<\/a>, Cairn Energy<\/a> and Pharos Energy had moved to a second round of bidding<\/a> last April, before Pharos left the talks<\/a> due to the collapse in oil prices.<\/p>\n

Advisors: <\/strong>Rothschild & Co and Gaffney Cline & Associates acted as advisors on the acquisition.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shell is out of the Western Desert: Cheiron and partner Cairn Energy have acquired Shell\u2019s oil and gas assets in the Western Desert under an agreement in March that could be worth up to USD 926 mn, the three companies announced in separate statements on Friday (here (pdf), here and here). The agreement: Under the […]<\/p>\n","protected":false},"author":1,"featured_media":557609,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[597,93,72,594],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-cairn-energy","tag-energy","tag-enterpriseam","tag-shell","wpautop","entry"],"acf":{"mongo_id":"666f0d42-c196-4ee2-84dd-f279ba153a89","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/350.jpg","photo_position":"above","related_issue":[557602],"teaser":"","voice_url":""},"yoast_head":"\nCheiron, Cairn Energy acquire Shell\u2019s Western Desert assets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cheiron, Cairn Energy acquire Shell\u2019s Western Desert assets\" \/>\n<meta property=\"og:description\" content=\"Shell is out of the Western Desert: Cheiron and partner Cairn Energy have acquired Shell\u2019s oil and gas assets in the Western Desert under an agreement in March that could be worth up to USD 926 mn, the three companies announced in separate statements on Friday (here (pdf), here and here). The agreement: Under the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-26T04:00:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/350.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Cheiron, Cairn Energy acquire Shell\u2019s Western Desert assets\",\"datePublished\":\"2021-09-26T04:00:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/\"},\"wordCount\":334,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/350.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Cairn Energy\",\"energy\",\"EnterpriseAM\",\"Shell\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/\",\"name\":\"Cheiron, Cairn Energy acquire Shell\u2019s Western Desert assets - 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Egypt\u2019s East Gas has also been invited to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/101.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564954,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/09\/cheiron-cairn-to-acquire-shell-egypts-onshore-assets\/","url_meta":{"origin":557608,"position":1},"title":"Cheiron, Cairn to acquire Shell Egypt\u2019s onshore assets","author":"enterpriseam admin","date":"9 March 2021","format":false,"excerpt":"Cheiron, Cairn to acquire Shell assets in a transaction worth up to USD 926 mn: Shell has agreed to sell its assets in the Western Desert to our friends at Egypt\u2019s Cheiron Petroleum Corporation and UK-listed Cairn Energy for up to USD 926 mn, the Dutch energy giant said in\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/428.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573003,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/16\/carlyle-cairn-backed-consortium-dragon-oil-in-the-running-to-acquire-shell-egypt-onshore-assets\/","url_meta":{"origin":557608,"position":2},"title":"Carlyle, Cairn-backed consortium, Dragon Oil in the running to acquire Shell Egypt onshore assets","author":"enterpriseam admin","date":"16 July 2020","format":false,"excerpt":"M&A WATCH- Private equity firm Carlyle Group and a consortium backed by Cairn Energy are in the running to acquire Shell\u2019s onshore assets in Egypt, Reuters reports, citing two sources with knowledge of the matter. Previous reports had indicated that Cairn Energy was part of a consortium that initially included\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557152,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/08\/cairn-energy-expects-to-finalize-shell-egypt-acquisition-by-end-of-september\/","url_meta":{"origin":557608,"position":3},"title":"Cairn Energy expects to finalize Shell Egypt acquisition by end of September","author":"enterpriseam admin","date":"8 September 2021","format":false,"excerpt":"Cairn, Cheiron could replace Shell in the Western Desert before the month is out: Cairn Energy and partner Cheiron expect to finalize its takeover of Shell Egypt\u2019s onshore oil and gas assets by the end of September, Cairn said yesterday (pdf). The joint acquisition, which will see the assets split\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570915,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/pharos-pulls-out-of-consortium-bidding-for-shells-egypt-assets\/","url_meta":{"origin":557608,"position":4},"title":"Pharos pulls out of consortium bidding for Shell\u2019s Egypt assets","author":"enterpriseam admin","date":"22 April 2020","format":false,"excerpt":"Pharos Energy bails on consortium eyeing Shell Egypt assets: Pharos Energy has withdrawn from a consortium in the running to acquire Shell\u2019s onshore assets in Egypt due to the collapse in oil prices, it said in a statement yesterday. Pharos was part of a consortium with Cheiron and Cairn Energy,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569535,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/27\/apache-pharos-energy-among-bidders-for-shells-onshore-assets\/","url_meta":{"origin":557608,"position":5},"title":"Apache, Pharos Energy among bidders for Shell\u2019s onshore assets","author":"enterpriseam admin","date":"27 February 2020","format":false,"excerpt":"M&A WATCH- Apache, Apex, Cheiron among bidders for Shell\u2019s onshore assets: US oil and gas producer Apache, Egyptian firms Apex International Energy, Cheiron, and London-listed Pharos Energy have submitted bids for Shell\u2019s onshore oil and gas assets in Egypt, Reuters reports, citing informed sources. Other undisclosed Asian and Middle Eastern\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557608"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557608\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557609"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557608"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557608"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}