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Shell considers North Sea sell-off in bid to raise $30bn

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Written by Rita Brown – Sunday 27/03/2016

Shell today confirmed it was considering a North Sea sell-off in a bid to balance its financial books after completing its $35billion mega takeover of BG.

The operator is currently looking to raise $30billion from asset sales from its global portfolio.

A company spokesperson said its North Sea assets could make-up part of the re-shuffle.

The spokesman said: “A review of all assets, including those in the North Sea, is under way as part of our commitment to the $30bn asset sale.”

The spokesman stopped short of outlining which assets were being mulled over.

In the Central and Northern North Sea, Shell owns the Brent Field, Curlew, Goldeneye, the Gannet complex, Nelson, Pierce, Shearwater and the Shearwater Elgin Area Line (SEAL).

In the Southern North Sea, Shell owns Bacton, Clipper and Leman Alpha.

The oil major also owns Armada, Everest, Lomond and Jackdaw.

It’s thought the Neptune oil and gas fund is considering a possible purchase.

A spokesperson for the fund told the Financial Times Shell’s North Sea assets was a number of targets the fund was “currently reviewing” along with others in north Africa and Asia.

Shell currently employs about 2,500 people in the North Sea.

Last year the firm was forced to cut 10,000 jobs.

Shell’s chief financial officer Simon Henry has previously discussed a possible North Sea sell-off.

At the time he said: “Opportunities at the top and the bottom are good, and in between the assets are mature. The question is at what point in their life should we consider leaving the future of the those assets in the hands of others?”

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