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Shell sells assets worth $1billion

Shell news

Shell has sold assets worth $1billion.

The firm shed 206,000 net acres of non-core oil and gas properties in Western Canada.

Tourmaline Oil snapped up the acreage in a deal valued at $1billion.

The acreage includes 61,000 net acres in the Gundy area of Northeast British Columbia, Canada, and 145,000 net acres in the Deep Basin area of West Central Alberta, Canada. The assets are a combination of developed and undeveloped lands, along with related infrastructure, producing 24,850 barrels of oil equivalent per day (boe/d) of dry gas and liquids.

“Shell retains a significant shale position in Canada and we are actively working to mature our attractive core asset base in the Montney and Duvernay,” said Andy Brown, Shell upstream director.

“At the same time we are strengthening our shales business and creating shareholder value by selling assets that do not fit our near-term development plans.”

The mega-sale comes days after the operator said 16 of its assets were on the market for $50million each.

Ineos and Siccar have both been linked to the oil major’s North Sea portfolio, which totals $2billion.

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