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February 1st, 2017:

Shell sell-off heralds ‘generational change’ in North Sea dawn

By DAVID SHANDPUBLISHED: 00:01, Wed, Feb 1, 2017

A “GENERATIONAL change” in North Sea oil and gas production was signalled yesterday after Shell sold a large chunk to private equity-backed exploration group Chrysaor in a £3billion deal.

The sale is part of Shell’s plans to dispose of £24billion of assets by 2018 to reduce its debts following its £35billion takeover of BG Group last year. 

Major producers like Shell are also withdrawing from the North Sea to focus on higher profit areas such as Brazil.  read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

This Is Who Will Pay for Shutting Down North Sea Oil Rigs

Royal Dutch Shell Plc’s $3.8 billion sale of North Sea oil and gas fields creates a model for further transactions in a region where the question of who pays to remove decades-old offshore platforms has been an obstacle for other deals.

Shell’s agreement with Chrysaor Holdings Ltd. included the condition that Europe’s largest oil company covers $1 billion in decommissioning costs, leaving the private-equity-backed explorer with an estimated $2.9 billion of liabilities. Sharing end-of-life costs between buyers and sellers is likely to remain the trend in the North Sea, where the billions of dollars of spending required to remove aging platforms and pipelines over the coming years presents a “real challenge” to deal-making, according to consultant Wood Mackenzie Ltd. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.