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UK North Sea Deals Boom


In just over two months, North Sea dealmaking has surpassed last year s total as companies look to make the most of crude s emergence from the pandemic-induced slump.
(Bloomberg) In just over two months, North Sea dealmaking has surpassed last year’s total as companies look to make the most of crude’s emergence from the pandemic-induced slump.
Disclosed oil and gas acquisitions have reached $2.7 billion this year, according to consultant Wood Mackenzie Ltd. A big chunk came within 24 hours this week as two closely held buyers NEO Energy, backed by Norwegian investment firm HitecVision AS, and newcomer Waldorf Production U.K. Ltd.  snapped up two separate deals worth more than $1 billion combined. ....

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Shell signs $926MM deal to sell Egyptian onshore assets to Cairn Energy


Shell signs $926MM deal to sell Egyptian onshore assets to Cairn Energy
3/9/2021
Cheiron Petroleum drilling crew
(Bloomberg) 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 Cairn’s retreat from the North Sea comes after several other international producers have withdrawn from the aging region.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. ....

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Shell Strikes $926MM Deal


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.
(Bloomberg) 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 Cairn’s retreat from the North Sea comes after several other international producers have withdrawn from the aging region.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. ....

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