* Cairn sells stakes in UK fields Kraken, Catcher for $460
mln
* Cairn, with Ceiron, buys Shell assets for up to $926 mln
* Cairn considers selling on Indian arbitration award
(Adds detail)
By Shadia Nasralla
March 9 (Reuters) - Oil and gas producer Cairn Energy
is shifting its focus to a growth portfolio onshore
Egypt from declining offshore fields in the British North Sea in
a flurry of deals worth around $1.5 billion which it announced
on Tuesday.
Cairn, in partnership with Ceiron, agreed to buy onshore
fields in Egypt's Western Desert from Royal Dutch Shell
for up to $926 million and sell its stakes in British fields
Catcher and Kraken to private firm Waldorf Production for $460
million.
"We're transitioning from that portfolio in decline into one
where we see that we can build greater cashflow generation into
the future," Cairn Chief Simon Thomson told a conference call.
Cairn, which produced around 21,000 barrels per day (bpd)
last year, can boost its net share from the Shell assets to
50,000 bpd from 35,000 bpd within a couple of years, Thomson
added. The deal would triple Cairn's reserves.
Cairn is also in talks with no set deadline with the Indian
government about an arbitration award worth around $1.7 billion,
but Cairn is actively pursuing alternatives, such as selling the
consideration or enforcement, Thomson said.
(Additional reporting by Aniruddha Ghosh in Bengaluru, editing
by Louise Heavens)
