Cairn Energy to Complete Shell Egypt Acquisition in Q3 2021

Cairn Energy to Complete Shell Egypt Acquisition in Q3 2021

Cairn Energy PLC is expecting to complete the acquisition of Shell Egypt’s Western Desert assets in Q3 2021, the company said in a press release.

“Our significant acquisition in Egypt, which we expect to complete shortly, adds material gas-weighted production, low-cost, near-term growth and attractive exploration potential, in a region with strong demand trends. We intend to use our differentiated financial flexibility to add further scale to our production base and look forward to the next phase of strategic delivery,” Simon Thomson, Chief Executive at Cairn Energy PLC, said.

In March, Shell Egypt announced signing an agreement with Cairn Energy PLC and Cheiron Petroleum Corporation subsidiaries to acquire Shell’s upstream onshore assets in the Western Desert for a $646 million base consideration and up to $280 million additional payments between 2021 and 2024.

The transaction was pending regulatory and governmental approvals.

Sarah Samir 2901 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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