Shell sells part of its North Sea assets
Europe’s largest oil producer agrees to the sale of fields in the North Sea and Thailand for as much as $4.7bn to pare debt
London — Royal Dutch Shell, looking to pare debt swollen by last year’s acquisition of BG Group, accelerated its drive to shed assets on Tuesday by agreeing to the sale of fields in the North Sea and Thailand for as much as $4.7bn. The disposals include the sale of about half the company’s North Sea oil and gas assets for as much as $3.8bn to Chrysaor Holdings, a UK independent exploration and production company, Shell said. Earlier on Tuesday, Europe’s largest oil producer agreed to sell its stake in an offshore Thai gas field to a unit of Kuwait Petroleum Corporation for $900m. Shell piled up borrowings following its biggest-ever acquisition, the $54bn purchase of BG, and needs to hit disposal targets to stave off credit rating reviews and maintain dividend payouts. While CEO Ben van Beurden has made debt reduction a top priority, Shell missed its target for asset sales last year as low oil prices depressed valuations. "The sale helps Shell focus on newer growth projects in the No...
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