{"id":564954,"date":"2021-03-09T13:35:40","date_gmt":"2021-03-09T13:35:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/09\/cheiron-cairn-to-acquire-shell-egypts-onshore-assets\/"},"modified":"2021-03-09T13:35:40","modified_gmt":"2021-03-09T13:35:40","slug":"cheiron-cairn-to-acquire-shell-egypts-onshore-assets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/09\/cheiron-cairn-to-acquire-shell-egypts-onshore-assets\/","title":{"rendered":"Cheiron, Cairn to acquire Shell Egypt\u2019s onshore assets"},"content":{"rendered":"

<\/a> Cheiron, Cairn to acquire Shell assets in a transaction worth up to USD 926 mn: <\/strong>Shell has agreed to sell its assets in the Western Desert to our friends at Egypt\u2019s Cheiron Petroleum Corporation<\/a> and UK-listed Cairn Energy<\/a> for up to USD 926 mn, the Dutch energy giant said in a statement<\/a> this morning.<\/p>\n

In detail:<\/strong> The acquisition will see the two companies pay USD 646 mn for Shell\u2019s 13 onshore concessions and its stake in Badr El-Din Petroleum (Bapetco) \u2014 a joint venture company shared with the state-owned Egyptian General Petroleum Corporation. Cheiron and Cairn will split the purchase, paying USD 323 mn each for a 50% interest in the portfolio, the buyers said in separate statements (here<\/a> and here<\/a>). A further USD 280 mn (split between the two buyers) could be paid out between 2021 and 2024, depending on oil prices and exploration efforts.<\/p>\n

In practice:<\/strong> The acquisition will hand the companies proven and probable reserves amounting to some 113 mn barrels. 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 will do what?<\/strong> 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.<\/p>\n

What they said:<\/strong> Cairn CEO Simon Thomson called the acquisition an \u201cimportant step\u201d to diversifying its portfolio, while Cheiron boss David Thomas said the partnership will generate \u201cmaterial value\u201d to the concessions.<\/p>\n

Cairn is trading the UK for Egypt: <\/strong>Cairn also announced<\/a> today that it is selling its stakes in its North Sea Catcher and Kraken fields to Waldorf Production for USD 460 mn, saying it wanted to offload them before production begins declining.<\/p>\n

Who is funding the transaction? <\/strong>The acquisition will be part-funded by a syndicate of nine international banks and lenders, with both companies putting up cash to finance the remainder.<\/p>\n

The acquisition isn\u2019t done yet:<\/strong> The sale is subject to regulatory approval, which Cheiron said should be completed in the second half of 2021.<\/p>\n

Advisors<\/strong>: Rothschild & Co and Gaffney Cline & Associates acted as advisors on the acquisition.<\/p>\n

Background<\/strong>: The Dutch oil giant has been wanting to offload its Western Desert assets since 2019, 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. Egypt\u2019s East Gas was also invited to the next round of bidding.<\/p>\n

IN OTHER M&A NEWS-<\/strong><\/p>\n

<\/a> Abu Dhabi Commercial Bank (ADCB) appointed Cl Capital as its financial adviser for the <\/strong>sale of ADCB\u2019s 51.54% stake in Alexandria Medical Services<\/strong>, Alexandria Medical said in a bourse filing (pdf)<\/a> earlier today. The statement also confirmed that ADCB is looking to sell its entire stake in Alex Medical. ADCB became Alex Medical\u2019s majority shareholder following the collapse of BR Shetty\u2019s UAE-based NMC Healthcare on allegations of fraud. Alexandria Medical Services has been the target<\/a> of a bidding war by multiple firms. There\u2019s Saudi\u2019s Tawasol Holdings, which looks like it wants to team up with Speed Medical to acquire 100% of the company. Alex Medical had received a competing offer from a consortium of Mabaret Al Asafra Hospitals and investment firm Tana Africa Capital back in January.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 a statement this morning. In […]<\/p>\n","protected":false},"author":1,"featured_media":564955,"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":[10045],"tags":[597,633,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-cairn-energy","tag-enterprisepm","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"31bffded-092f-4f4c-9755-e585392cd8f6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/428.jpg","photo_position":"above","related_issue":[564950],"teaser":"","voice_url":""},"yoast_head":"\nCheiron, Cairn to acquire Shell Egypt\u2019s onshore 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\/03\/09\/cheiron-cairn-to-acquire-shell-egypts-onshore-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cheiron, Cairn to acquire Shell Egypt\u2019s onshore assets\" \/>\n<meta property=\"og:description\" content=\"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 a statement this morning. 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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":570698,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/cheiron-pharos-cairn-move-to-second-round-of-bidding-for-shell-egypt-onshore-assets\/","url_meta":{"origin":564954,"position":2},"title":"Cheiron, Pharos, Cairn move to second round of bidding for Shell Egypt onshore assets","author":"enterpriseam admin","date":"12 April 2020","format":false,"excerpt":"Cheiron consortium moves to second round of bidding for Shell Egypt onshore assets: A consortium of Cheiron, Pharos Energy and Cairn Energy has moved to a second round of bidding to acquire Shell\u2019s onshore assets in Egypt, Bloomberg reports, citing unnamed sources. 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":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":564954,"position":3},"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":570915,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/pharos-pulls-out-of-consortium-bidding-for-shells-egypt-assets\/","url_meta":{"origin":564954,"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":553940,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/","url_meta":{"origin":564954,"position":5},"title":"Qatar Energy snags 17% stake in Shell\u2019s Red Sea blocks","author":"enterpriseam admin","date":"14 December 2021","format":false,"excerpt":"Qatar Energy is set to acquire a 17% stake in two Shell-operated oil and gas exploration blocks in the Red Sea, the oil supermajor announced yesterday in a statement. The agreement, which is subject to government and regulatory approval, signals the first entry by the Qatari energy giant into Egypt\u2019s\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564954","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=564954"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564954\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564955"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564954"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564954"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}