Royal Dutch Shell sells OKEA 45% of its interest in Draugen offshore oil field
The sale of more than $1.3bn brings the oil giant closer to its target of $30bn in disposals by the end of the year
London/Oslo — On Wednesday, Royal Dutch Shell announced the sale of oil and gas assets in Norway and Malaysia for more than $1.3bn, bringing it closer to a target of $30bn in disposals by year-end. The Anglo-Dutch company agreed to sell to OKEA, a Norwegian producer backed by private equity firm Seacrest Capital, its 45% interest in the Draugen Norwegian offshore field and a 12% in the Gjøa block for a total of $566m, the two companies said. Earlier, Shell announced the completion of the sale of a 15% stake in Malaysia LNG Tiga to the Sarawak State Financial Secretary for $750m. Shell committed to the ambitious three-year sale plan following the decision to acquire BG Group in 2015, a deal that was completed in February 2016 for $54bn. The latest announcement bring the total assets Shell has sold or agreed to sell since 2015 to about $27bn, according to Reuters calculations. Shell will remain present in oil-rich Norway through its stakes in several fields, including Ormen Lange and ...
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