By DAVID SHAND: PUBLISHED: 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.