$926,000,000
Egypt Al Barq (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
: Al Barq (DEV)
Ref
: AF-EGY-ABD
Continent
: Africa
Country
: Egypt
Location
: Onshore
Project Phase
: Production
Latitude
: 29.7669
Longitude
: 28.0183
Operator
: Alam Al Shawish Petroleum
Farmout company
: Alam Al Shawish Petroleum
Deal Status
: Under Offer
FarmoutAngel Valuation
: >$100,000,000
FarmoutAngel confidence
: High
Consideration Sought
: $926,000,000