Shell mulls North Sea divestments
LONDON, March 28, 2016 – Shell is said to be engaged in early talks regarding the sale of North Sea assets as part of an ongoing divestment push that would see the company offset part of the cost of its USD 35-billion takeover of BG, UK media reported on Monday.
In February 2016, Shell CEO Ben van Beurden told reporters in the UK that the North Sea area was “under considerable stress” on account of the fields being “old and mature,” thus signalling that it could be lining up its assets there for divestment.
According to The Sunday Times, talks are underway with Nepture Oil & Gas, a private equity vehicle targeting assets in North Africa, Southeast Asia and the North Sea that was founded in June 2015. Shell employs some 2,500 of its 7,500 people in the North Sea.