$926,000,000
Egypt Abu El Gharadic NE (DEV)
Shell is divesting its portfolio of assets in Western Desert to Cheiron Petroleum Corporation and Cairn Energy Plc for a base consideration of $646m with additional payments of up to $280m, between 2021 and 2024, contingent on oil price and exploration success. The transaction is subject to government and regulatory approvals, expected in H2 2021. The divestment includes assets of 50% non-operated interest Badr El-Din Petroleum Company (BAPETCO), producing assets operated by BAPETCO and Shell Egypt operated onshore exploration assets with 100% WI.
Details
Asset Name
: Abu El Gharadic NE (DEV)
Ref
: AF-EGY-AEGNED
Continent
: Africa
Country
: Egypt
Location
: Onshore
Latitude
: 29.8335
Longitude
: 29.4851
Operator
: Tiba Petroleum
Farmout company
: Tiba Petroleum
Deal Status
: Under Offer
FarmoutAngel Valuation
: >$100,000,000
FarmoutAngel confidence
: High
Consideration Sought
: $926,000,000