Shell Strikes $926 Million Deal to Sell Oil Assets in Egyptian Desert
- Shell divests concessions for up to $926m to Cairn, Cheiron
- Cairn in turn offloads U.K. stakes for at least $460 million
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Cairn Energy Plc reshuffled its portfolio, selling $460 million of assets in the U.K. North Sea and buying projects in Egypt’s Western Desert from Royal Dutch Shell Plc.
Both deals, announced Tuesday and seen completing in the second half of 2021, follow a pickup in oil and gas acquisitions after 2020’s pandemic-driven slump. Cairn’s retreat from the North Sea comes after several other international producers have withdrawn from the aging region. Meanwhile its purchase in Egypt enables Shell to chalk up proceeds in an ongoing divestment program.