{"id":573003,"date":"2020-07-16T03:55:34","date_gmt":"2020-07-16T03:55:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/16\/carlyle-cairn-backed-consortium-dragon-oil-in-the-running-to-acquire-shell-egypt-onshore-assets\/"},"modified":"2020-07-16T03:55:34","modified_gmt":"2020-07-16T03:55:34","slug":"carlyle-cairn-backed-consortium-dragon-oil-in-the-running-to-acquire-shell-egypt-onshore-assets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/16\/carlyle-cairn-backed-consortium-dragon-oil-in-the-running-to-acquire-shell-egypt-onshore-assets\/","title":{"rendered":"Carlyle, Cairn-backed consortium, Dragon Oil in the running to acquire Shell Egypt onshore assets"},"content":{"rendered":"

<\/a> M&A WATCH- Private equity firm Carlyle Group and a consortium backed by Cairn<\/strong> Energy are in the running to acquire Shell\u2019s onshore assets in Egypt<\/strong>, Reuters<\/a> reports, citing two sources with knowledge of the matter. Previous reports had indicated that Cairn Energy was part of a consortium that initially included Cheiron and Pharos Energy, until Pharos withdrew from the consortium in April<\/a>.<\/p>\n

It also appears that Dragon Oil has thrown its hat in the ring:<\/strong> The newswire notes that Dragon Oil is also still moving through the bidding process, but this appears to be the first mention of the Dubai-based company\u2019s interest in the asset sale. There are also other unnamed Asian investors that are still moving through the bidding process, the sources say.<\/p>\n

Bidding process moving slowly, price likely to drop due to covid-19:<\/strong> The Dutch oil giant had been looking<\/a> to sell the assets for as much as USD 1 bn, but the bids being submitted are expected to be \u201csharply lower\u201d as the sector comes under increasing pressure from an unprecedented demand slump, according to the sources.<\/p>\n

Background:<\/strong> Shell said last year<\/a> it plans to exit its onshore upstream assets in the Western Desert and focus on expanding its Egyptian offshore gas exploration efforts. Cheiron and Pharos Energy reportedly had submitted bids<\/a> for the assets in February, as did Egypt\u2019 Apex Energy, US oil and gas producer Apache, and other undisclosed companies. Shell\u2019s Western Desert portfolio includes stakes in 19 oil and gas assets, including the Badr El Din and Obaiyed area, as well as the North East Abu El Gharadig, West Sitra, Bed 1 gas, and West Alam El Shawish concessions.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Cheiron and Pharos Energy, until […]<\/p>\n","protected":false},"author":1,"featured_media":573004,"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":[8572],"tags":[597,925,72,7128,91,803,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-cairn-energy","tag-dragon-oil","tag-enterpriseam","tag-ma-watch","tag-oil-and-gas","tag-royal-dutch-shell","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"cda8f11e-cb77-49f0-afc3-15ca440a1411","is_powered_by":true,"section_story_id":"cf4cf045-b7df-4ca4-ae79-4df88a2bac68","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/125.jpg","photo_position":"above","related_issue":[572994],"teaser":"","voice_url":""},"yoast_head":"\nCarlyle, Cairn-backed consortium, Dragon Oil in the running to acquire Shell Egypt 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\/2020\/07\/16\/carlyle-cairn-backed-consortium-dragon-oil-in-the-running-to-acquire-shell-egypt-onshore-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carlyle, Cairn-backed consortium, Dragon Oil in the running to acquire Shell Egypt onshore assets\" \/>\n<meta property=\"og:description\" content=\"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. 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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":570915,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/pharos-pulls-out-of-consortium-bidding-for-shells-egypt-assets\/","url_meta":{"origin":573003,"position":1},"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":564954,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/09\/cheiron-cairn-to-acquire-shell-egypts-onshore-assets\/","url_meta":{"origin":573003,"position":2},"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":557608,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/","url_meta":{"origin":573003,"position":3},"title":"Cheiron, Cairn Energy acquire Shell\u2019s Western Desert assets","author":"enterpriseam admin","date":"26 September 2021","format":false,"excerpt":"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\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\/9\/350.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":573003,"position":4},"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":569804,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/pharos-energy-confirms-interest-in-shells-egypt-assets\/","url_meta":{"origin":573003,"position":5},"title":"Pharos Energy confirms interest in Shell\u2019s Egypt assets","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Pharos Energy has confirmed its interest in purchasing Shell\u2019s onshore oil and gas assets in Egypt\u2019s Western Desert as part of a consortium, and has said ina filingto the London Stock Exchange it is in the initial stages of evaluation. The interest doesn\u2019t necessarily guarantee that a proposal will be\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\/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\/573003","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=573003"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573003\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572994"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573004"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573003"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573003"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}