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Top Shell news from this week

The Corrib Gas Plant
The Corrib Gas Plant

This week has seen a number of announcements from oil major Shell including the divestment of its downstream assets in Denmark.

The company has struck an $80million deal as it looks to streamline its costs amid the global price decline.

Shell has sold the assets to Dansk Olieselskab.

It includes the Fredericia refinery which produces 70,000 barrels of oil per day.

Meanwhile Ophir Energy revealed Shell is planning drilling, offshore Tanzania, in the fourth quarter of this year.

Earlier this week, Shell also revealed it had reached a Carbon, Capture and Storage (CCS) milestone at its operations in Canada.

The Quest project was built by the Athabasca Oil Sands joint venture owners Shell Canada Energy and Chevron Canada Limited as well as Marathon Oil Canada Corporation.

Shell has also brought the final of six wells online at its Corrib project on the West coast of Ireland.

According to Vermilion, which owns an 18.5% stake in the field, production ramp-up has exceeded expectations and production volumes have now reached full capacity.

The boss at Parkmead Group also said earlier this week that the company was interested in North Sea assets that form part of Shell’s divestment plans.

Tom Cross, Parkmead’s chief executive and biggest shareholder, said the firm had “good relations” with oil majors and pointed out that his previous business venture, Dana Petroleum, had bought North Sea assets from Shell.

Shell is currently trying to raise $30billion (£22.7billion) through a three-year divestment programme to help balance the books after its takeover of BG Group.

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