Cheiron Petroleum and Cairn Energy’s US$926 Million Acquisition Of Upstream Interests In Egypt’s Western Desert From Shell

Norton Rose Fulbright has assisted Shell on the deal.

Shell sold 

the company’s upstream interests in the Western Desert in Egypt to Cheiron Petroleum Corporation and Cairn Energy Plc for a base price of US$646m, with additional payments of up to US$280m between 2021 and 2024, subject to oil price and exploration results.

Shell’s asset sale in Egypt includes its stake in 13 onshore concessions and its share in the Badr El-Din Petroleum Company (Bapetco). Completion is subject to government and regulatory approvals and is expected to occur in the second half of 2021.

The London-based Norton Rose Fulbright team was led by senior associate Andrew Davies, supervised by corporate energy partner Hussain Kubba (Picture), and supported by associate Jarrett Whitehead. Partner Fiona Millington also provided ECM support.

 

Involved fees earner: Andrew Davies – Norton Rose Fulbright; Hussain Kubba – Norton Rose Fulbright; Fiona Millington – Norton Rose Fulbright; Jarrett Whitehead – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: Shell;

Author: Federica Tiefenthaler