- Energy company Cairn Energy, together with its consortium partner Cheiron Petroleum, said it completed the acquisition of oil and gas assets from Shell in the Western Desert, onshore Egypt, for US$323 million.

Capricorn Egypt, a wholly owned subsidiary of Cairn, acquired 50% of the assets, with the remaining 50% acquired by Cheiron subsidiaries.

Under the deal, Cairn also greed to pay an additional contingent consideration of up to a maximum of US$140 million over four years net to Cairn if certain requirements are met.

'The gas-weighted portfolio, in a region with strong demand growth, offers low cost production, near-term development, owned infrastructure and significant exploration potential,' the company said.

Story provided by