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Shell (RDS.A) to Divest Its Upstream Assets in Egypt for $926M
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Royal Dutch Shell plc recently inked a deal with a consortium — made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC — to sell its upstream assets in Egypt's Western Desert for $926 million.
The contract is set at a base price of $646 million along with additional payments of around $280 million between 2021 and 2024, depending on the price of crude oil and exploration results. The agreement comprising Shell Egypt’s interest in 13 inland concessions and its share in the Badr El-Din Petroleum Company (BAPETCO) is slated to be completed by the end of this year. It is contingent on government consents and pending approvals.
Per the company’s upstream director Wael Sawan, “The deal will deliver value to Shell and to Egypt. It will enable Shell to concentrate on its offshore exploration and integrated value chain in Egypt, including seven new blocks in the Nile Delta, West Mediterranean and Red Sea. It will help Egypt maximize the potential of its onshore assets through new investment, helping secure energy and revenue for years to come”.
Also, lately, Shell through its subsidiary Shell Global LNG, accepted the delivery of the first carbon-neutral liquefied natural gas (LNG) in Europe from Gazprom.
The carbon-neutral gas was delivered at the Dragon terminal in Wales, which is an LNG regasification terminal in the U.K., owned by Shell. Importantly, this will allow the company to further supply the gas to the domestic energy markets in the U.K.
Company Profile
Headquartered in the Netherlands, Shell is one of the largest integrated energy companies engaged in production, refining, distribution, and marketing of oil and natural gas. The company has been an offshore pioneer in the Gulf of Mexico for more than 40 years and achieved some remarkable technological milestones in the design, construction and operation of world-class oil and gas producing assets.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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Shell (RDS.A) to Divest Its Upstream Assets in Egypt for $926M
Royal Dutch Shell plc recently inked a deal with a consortium — made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC — to sell its upstream assets in Egypt's Western Desert for $926 million.
The contract is set at a base price of $646 million along with additional payments of around $280 million between 2021 and 2024, depending on the price of crude oil and exploration results. The agreement comprising Shell Egypt’s interest in 13 inland concessions and its share in the Badr El-Din Petroleum Company (BAPETCO) is slated to be completed by the end of this year. It is contingent on government consents and pending approvals.
Per the company’s upstream director Wael Sawan, “The deal will deliver value to Shell and to Egypt. It will enable Shell to concentrate on its offshore exploration and integrated value chain in Egypt, including seven new blocks in the Nile Delta, West Mediterranean and Red Sea. It will help Egypt maximize the potential of its onshore assets through new investment, helping secure energy and revenue for years to come”.
Also, lately, Shell through its subsidiary Shell Global LNG, accepted the delivery of the first carbon-neutral liquefied natural gas (LNG) in Europe from Gazprom.
The carbon-neutral gas was delivered at the Dragon terminal in Wales, which is an LNG regasification terminal in the U.K., owned by Shell. Importantly, this will allow the company to further supply the gas to the domestic energy markets in the U.K.
Company Profile
Headquartered in the Netherlands, Shell is one of the largest integrated energy companies engaged in production, refining, distribution, and marketing of oil and natural gas. The company has been an offshore pioneer in the Gulf of Mexico for more than 40 years and achieved some remarkable technological milestones in the design, construction and operation of world-class oil and gas producing assets.
Zacks Rank & Other Key Picks
Shell currently sports a Zacks Rank #1 (Strong Buy). Other top-ranked players in the energy space include Matador Resources Company (MTDR - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and Denbury Inc. , each presently flaunting a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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