Shell seeks to sell offshore oil assets in N. Sea after BG merger

Ben van Beurden
Ben van Beurden

Global oil giant Shell has appointed merchant banker Lazard to advise it on the company’s assets sell-off after its mega-merger with BG Group.

Citing un-named sources, the Sunday Times last week said that Shell is now sounding out (un-named) buyers for parts of its ‘sprawling’ North Sea oil and gas operations.

When asked by Scottish Energy News to comment, Ben van Beurden, Shell Chief Executive, stated: “We are executing plans for a $30 billion divestment programme for 2016-17 as we consolidate BG into the portfolio. 

“This will build over that three-year period and 2016 is likely to see asset sales that are below the $10 billion mark. The buyers are there, particularly in downstream and in local gas markets, and in non-traditional routes such as MLPs, private equity and other oil and gas companies.

 “Our MLP, Shell Midstream Partners, is set to deliver about 10% to 15% of that total disposal target over the three years that I’ve just mentioned.”

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