Oil giant Shell has announced the sale of its interest in the Draugen and Goja fields to OKEA AS for £412 million.
The sale of the two fields, located in the Norwegian North Sea, will see the transfer of 153 members of staff from Shell to OKEA.
Shell will relinquish 44.56% operated interest in the Draugen field and 12% non-operated interest in the Gjøa field, representing approximately 14% of Shell’s total production in 2017.
Rich Denny, managing director of Shell, said: “Today’s deal completion was achieved despite a tight timeline from the Sales and Purchase Agreement in June 2018.
“It was made possible by good collaboration between Shell and OKEA and with constructive dialogue with the Norwegian Authorities.”
Shell said the deal was part of its £23 billion divestment programme.
The oil giant will retain 80% of the decommissioning liability for the assets.