CRNCY - Shell to sell some Egyptian oil and gas assets for up to $926M

Royal Dutch Shell ([[RDS.A]], [[RDS.B]]) +2.1% pre-market after agreeing to sell its oil and gas portfolio in Egypt's Western Desert for as much as $926M.Shell will sell the assets to Cairn Energy (CRNCY) and Cheiron Petroleum for a base consideration of $646M and additional payments of up to $280M through 2024, depending on the oil price and results of further exploration.The sold assets include Shell Egypt's interest in 13 onshore concessions and the company's stake in Badr El-Din Petroleum Co.Shell says the deal will allow it to focus on its offshore exploration and integrated value chain in Egypt, including seven new blocks in the Nile Delta, West Mediterranean and Red Sea.Royal Dutch Shell has "hit peak oil, but not peak opportunity," as its impressive portfolio of assets should drive long-term shareholder returns in the tens of billions of dollars, The Value Portfolio writes in a bullish analysis posted on Seeking Alpha.

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Shell to sell some Egyptian oil and gas assets for up to $926M