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Shell boss breaks silence on possible North Sea sell-off

Shell
Shell chief executive Ben van Beurden.

Shell’s chief executive said the oil major could sell some if its older, lower grade North Sea assets to help balance its portfolio.

Ben van Beurden was speaking to reporters at a conference when he said: “The North Sea for us will be an area where we will have to take a look, as we have to do with our entire conventional upstream, now that we have a much enlarged portfolio.”

Shell launched a two-year campaign to shift $30billion in assets, after completing its $52billion takeover of BG.

The company leader said BG’s North Sea assets were newer and of higher quality, so it would be looking to sell Shell’s North Sea assets, according to Reuters.

In the Central and Northern North Sea, Shell owns the Brent Field, Curlew, Goldeneye, the Gannet complex, Nelson, Pierce, Shearwater and the Shearwater Elgin Area Line (SEAL).

In the Southern North Sea, Shell owns Bacton, Clipper and Leman Alpha.

The oil major also owns Armada, Everest, Lomond and Jackdaw.

Two companies have already expressed interest for Shell’s North Sea offering.

Last week, Maersk chief executive Jakob Thomasen said: “We have said we are in the market for more opportunities. It has been a really slow market place. There have been a few deals but not many.

“We will have a look at it and see if it’s of interest and we can create value for Maersk Oil.”

The Neptune oil and gas fund also said Shell’s North Sea assets was a target it was “currently reviewing”.

Read more here.

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