Shell sells $1.3 bil­lion of oil and gas as­sets in Nor­way, Malaysia

Chemical Industry Digest - - News & Views -

Royal Dutch Shell an­nounced the sale of oil and gas as­sets in Nor­way and Malaysia for over $1.3 bil­lion, bring­ing it closer to a tar­get of $30 bil­lion in dis­pos­als by year-end. The com­pany agreed to sell to OKEA, a Nor­we­gian pro­ducer, its 45 per­cent in­ter­est in the Drau­gen Nor­we­gian off­shore field and a 12 per­cent in the Gjoa block for a to­tal of $566 mil­lion.

Ear­lier, Shell an­nounced the com­ple­tion of the sale of a 15 per­cent stake in Malaysia LNG (MLNG) Tiga to the Sarawak State Fi­nan­cial Sec­re­tary for $750 mil­lion. Shell com­mit­ted to the am­bi­tious three-year sale plan fol­low­ing the de­ci­sion to ac­quire BG Group in 2015, a deal which was com­pleted in Fe­bru­ary 2016 for $54 bil­lion.

Shell will re­main present in oil-rich Nor­way through its stakes in sev­eral fields, in­clud­ing Or­men Lange and Knarr, which it op­er­ates. For OKEA, co-founded by the coun­try’s for­mer Oil Min­is­ter Ola Borten Moe in 2015, the deal pro­vides the first size­able stake in a pro­duc­ing field on the Nor­we­gian con­ti­nen­tal shelf.

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