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