Shell Selling 16 Assets at $500m Per Piece
Shell is actively trying to shift 16 assets, according to the oil major’s head of upstream Andy Brown.
The earmarked assets are worth more than $500million each and are part of the operator’s three-year strategy to offload $30billion worth of assets.
“There are 16 assets currently in the market that are above $500 million in value,” Brown told the Oil and Money conference in London.
Those comments were the first details that Shell has provided on its sell off.
The decision to sell off assets was taken shortly after the organisation completed a $54billion mega-merger with BG with the aim of decreasing debt.
Previous reports have connected Ineos, Blackstone Group and Siccar Point Energy with the sale of some its Shells North Sea assets worth about $2billion.
Siccar Point made its North Sea debut earlier this year after snapping up a 8.9% stake in the Greater Mariner Area.
Partially due to the acquisition, Shell posted its worst quarterly earnings in more than a decade.
