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Shell selling 16 assets worth $500million each

Shell news
Shell news

Shell is currently 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.

His comments are some of the first specifics the oil major has offered on its sell-off.

The strategy was developed in the wake of its $54billion mega-merger with BG in a bid to lighten its debt load.

Shell’s North Sea assets have since taken centre stage amid speculation.

Last week, reports linked Ineos, Blackstone Group and Siccar Point Energy with the sale of some its UK 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.

Shell posted its weakest quarterly earnings in more than a decade in July.

Earlier this year, it agreed to sell is Brutus operation in the Gulf of Mexico for $425million to EnVen Energy.

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