Cairn Energy and its local partner Cheiron Holdings have acquired a potential counter-cyclical bargain with their $646m acquisition of Shell’s Western Desert assets. The eight production concessions are operated via the Bapetco joint venture with Egypt General Petroleum Corporation (EGPC). There are also five exploration blocks, which will be operated by Cairn itself. Shell is understood to have wanted $1bn for the concessions when it first put them on the market in October 2019, although they were valued by consultancy Wood Mackenzie at $775m.
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