Shell hoists sale sign on North Sea gas stakes as it plans to sell an average of £3bn worth of assets per year
Shell plans to sell North Sea gas fields.
The biggest firm on the FTSE 100, with a value of £150billion, plans to offer its 50 per cent stake in a cluster of fields in the Clipper hub, as well as the Leman Alpha complex.
They could fetch up to £750million.
FTSE 1000 oil giant Shell plans to offer its 50% stake in a cluster of fields in the North Sea’s Clipper hub, as well as the Leman Alpha complex
The fields supply natural gas via a pipeline to a processing plant in eastern England.
Shell has sold a number of stakes in ageing fields in the North Sea, including a £2.8billion package of assets to Harbour Energy in 2017.
North Sea production has declined since the 1990s, as oil majors focus on more prolific and profitable business elsewhere.
The global transition to low-carbon and renewable energy has increased the focus on projects with the lowest emissions intensity.
Shell’s new projects in the North Sea include the Penguins project north of the Shetland Islands as well as plans to build offshore wind farms.
It wants to sell an average of £3billion worth of assets per year. Shell declined to comment.
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