Shell sells part of North Sea assets for $3.8b

AFP, LONDON: Anglo-Dutch energy giant Royal Dutch Shell has agreed to sell a chunk of its North Sea assets to oil explorer Chrysaor for up to $3.8 billion (3.6 billion euros), it said yesterday.
The deal, which will more than half Shell’s North Sea production, is part of a vast divestment plan as the company streamlines its portfolio following the blockbuster takeover of rival BG Group last year.
Separately, the company had already revealed earlier Tuesday that it has offloaded its stake in an offshore Thai gas field to Kuwait Petroleum Corp for $900 million.
Shell announced in new statement that it will sell its entire holdings in nine North Sea oil fields plus a smaller stake in a tenth field to Chrysaor.
The package comprises Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond and Erskine, plus a 10 per cent stake in the Schiehallion field.
“This deal shows the clear momentum behind Shell’s global, value-driven $30bn divestment programme,” said Shell’s Chief Financial Officer Simon Henry in the statement.

Shell sells part of North Sea assets for $3.8b

AFP, LONDON: Anglo-Dutch energy giant Royal Dutch Shell has agreed to sell a chunk of its North Sea assets to oil explorer Chrysaor for up to $3.8 billion (3.6 billion euros), it said yesterday. The deal, which will more than half Shells North Sea production, is part of a vast divestment plan as the company streamlines its portfolio following the blockbuster takeover of rival BG Group last year. Separately, the company had already revealed earlier Tuesday that it has offloaded its stake in an offshore Thai gas field to Kuwait Petroleum Corp for $900 million. Shell announced in new statement that it will sell its entire holdings in nine North Sea oil fields plus a smaller stake in a tenth field to Chrysaor. The package comprises Shells interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomondand Erskine, plus a 10 per cent stake in the Schiehallion field. This deal shows the clear momentum behind Shells global, value-driven $30bn divestment programme, said Shells Chief Financial Officer Simon Henry in the statement.