Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Netherlands
  4. Euronext Amsterdam
  5. Royal Dutch Shell plc
  6. News
  7. Summary
    RDSA   GB00B03MLX29

ROYAL DUTCH SHELL PLC

(RDSA)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Royal Dutch Shell : Shell completes sale of Western Desert assets in Egypt to Cheiron Petroleum Corporation and Cairn Energy PLC

09/27/2021 | 07:53am EST

Shell Egypt N.V. and Shell Austria GmbH, subsidiaries of Royal Dutch Shell, PLC ('Shell'), have completed the sale of their upstream assets in Egypt's Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC for a base consideration of US$ 646 million and additional payments of up to US$ 280 million between 2021 and 2024, contingent on the oil price and the results of further exploration.

The sale was announced on 9 March 2021 and the transaction's effective date is 1 January 2020. Completion follows receipt of all necessary regulatory approvals.

With this transaction Shell is refocusing its business in Egypt on our existing infrastructure position in the West Delta Deep Marine (WDDM), the Harmattan Deep Project and Exploration acreage in the new seven blocks in the Nile Delta, West Mediterranean and the Red Sea; in Midstream through our Egyptian LNG (ELNG) joint-venture and in Downstream through Shell Lubricants Egypt (SLE).

Shell has been active in Egypt for 110 years and remains a leading player in country.

Notes to editors

The effective date of 1 January 2020 represents the date economic interest moved to Purchasers. The consideration will be adjusted for net cash flows after this date.

Shell Egypt N.V. ('SENV') and Shell Austria GmbH ('SAG') (together referred to as 'Shell' or 'Sellers') are indirectly held by the Royal Dutch Shell plc.

Cautionary note

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement 'Shell', 'Shell Group' and 'Group' are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words 'we', 'us' and 'our' are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', 'Shell subsidiaries' and 'Shell companies' as used in this announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as 'joint ventures' and 'joint operations', respectively. The term 'Shell interest' is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as 'aim', 'ambition', ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''goals'', ''intend'', ''may'', 'milestones', ''objectives'', ''outlook'', ''plan'', ''probably'', ''project'', ''risks'', 'schedule', ''seek'', ''should'', ''target'', ''will'' and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements.

Contact:

Tel: +44 207 934 5550

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CAIRN ENERGY PLC 2.20% 186 Delayed Quote.-13.17%
ROYAL DUTCH SHELL PLC 2.91% 19.124 Real-time Quote.27.14%
All news about ROYAL DUTCH SHELL PLC
03:35aCommodity stocks lift FTSE 100 as Omicron worries ease
RE
11/30Shell to Maintain Energy Transition Strategy Even as Oil Market Tightens, CEO Says
MT
11/30Shell Works with US Regulators to Complete Texas Refinery Sale to Pemex
MT
11/30Shell Deer Park Texas refinery sale delayed pending CFIUS approval - company
RE
11/30U.S. security review stalls sale of Shell Texas refinery to Mexico's Pemex
RE
11/30Shell's Deer Park Texas Refinery Sale Delayed, Reuters Reports
DJ
11/30U.S. security review stalls sale of Shell Texas refinery to Mexico's Pemex
RE
11/30Royal Dutch Shell Considering Return to Libya
MT
11/30Exclusive-Shell eyes return to Libya with oil, gas, solar investments
RE
11/30Oil firms face workforce crunch as renewables beckon - survey
RE
More news
Analyst Recommendations on ROYAL DUTCH SHELL PLC
More recommendations
Financials (USD)
Sales 2021 268 B - -
Net income 2021 15 821 M - -
Net Debt 2021 50 557 M - -
P/E ratio 2021 9,88x
Yield 2021 4,25%
Capitalization 161 B 161 B -
EV / Sales 2021 0,79x
EV / Sales 2022 0,69x
Nbr of Employees 87 000
Free-Float 99,3%
Chart ROYAL DUTCH SHELL PLC
Duration : Period :
Royal Dutch Shell plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ROYAL DUTCH SHELL PLC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Last Close Price 21,05 $
Average target price 27,50 $
Spread / Average Target 30,6%
EPS Revisions
Managers and Directors
Bernardus Cornelis Adriana Margriet van Beurden Chief Executive Officer & Executive Director
Jessica Rodgers Uhl Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Gerrit Zalm Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
ROYAL DUTCH SHELL PLC27.14%160 501
SAUDI ARABIAN OIL COMPANY-1.00%1 846 130
PETROCHINA COMPANY LIMITED41.25%129 003
TOTALENERGIES SE15.04%120 190
PUBLIC JOINT STOCK COMPANY GAZPROM58.97%107 650
EQUINOR ASA57.78%81 468