Reuters
Shell, Exxon launch joint sale of UK, Dutch North Sea assets -sources
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Reuters
Shell, Exxon launch joint sale of UK, Dutch North Sea assets -sources
In July, Shell and Exxon launched the sale of the 50-50 NAM joint venture in the Netherlands, operator of the Groningen gas field and one of Europe’s largest and oldest natural gas production companies.
The two companies have also separately put up for sale their stakes in their British southern North Sea gas hub, which include the Clipper Leman Alpha hubs as well as the Bacton terminal in eastern England, the sources said.
Reuters reported that Shell was preparing to launch the sale in February. [https://www.reuters.com/business/energy/exclusive-shell-moves-sell-british-north-sea-southern-gas-fields-sources-2022-02-15/ ]
The joint sale process which combines both basins hopes to draw bids from several oil and gas companies that have shown interest in the initial processes, the sources said.
The sales are part of the two companies’ drive to dispose of ageing oil and gas assets in an effort to cut costs and as they focus on newer, larger projects around the world.
(Reporting by Ron Bousso Additional reporting by Sabrina Valle in Houston Editing by Jason Neely)
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