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Shell seeks to sell out of several Norwegian fields

Ron Bousso: 8 MARCH 2018

HOUSTON (Reuters) – Royal Dutch Shell is selling out of the ageing Draugen field in Norway and is also offering small stakes in a number of other fields, according to a document seen by Reuters.

The sale process is part of the Anglo-Dutch company’s drive to sell $30 billion of assets by the end of the year following the acquisition of BG Group in 2016. It has so far sold over $25 billion.

Shell is offering its 44.56 percent stake in the Draugen field, which produces around 225,000 barrels per day, according to the sales brochure. Draugen, which Shell operates, started producing in 1993 and has another 20 years of life, the document said.

Shell declined to comment on the sale process but a spokeswoman said: “We constantly evaluate opportunities to reshape our portfolio, in line with our business strategy.”

On top of Draugen, Shell is also seeking to sell a number of stakes in non-operated fields including Gjoa, where it holds 12 percent, Kvitebjorn, 6.45 percent, Valeman, 3.2 percent and Sindre, 3.2 percent, known collectively as NOV Assets.

“Shell will only contemplate divesting NOV Assets alongside Draugen if Shell feels there is sufficiently strong buyer interest,” according to the document.

Shell will only consider divesting NOV Assets together with Draugen, it said. It has stakes in a number of other Norwegian oil and gas fields including Gaupe, Knarr and Troll.

Reporting by Ron Bousso; Editing by Sandra Maler


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