Jillian Ambrose: 7 SEPTEMBER 2016 • 1:27PM
Shell could be in line to make $1bn (£750m) in the next two years by selling off North Sea assets as part of a $30bn divestment drive, according to UBS.
The bank predicts that Shell’s North Sea retreat will begin with a “tidying up” of the oil major’s high-cost, legacy assets but that a sale of its attractive core projects could not be ruled out.
UBS oil analyst Jon Rigby said that sales of the oil giant’s older North Sea assets would only generate “a few hundred million dollars” unless the company opts for a more “radical” approach including ditching stakes in the core projects that make up its $7bn North Sea portfolio.