Gulf Oil and Gas accountACCOUNT

Shell to Sell $15b of Assets Including Some North Sea Fields

Source: Reuters 1/14/2014, Location: North America

Royal Dutch Shell could look to sell $15 billion (9.12 billion pounds) worth of assets over the next two years including some North Sea fields, said a media report, expanding on its existing guidance that divestments would accelerate this year.

Shell, whose new chief executive Ben van Beurden took over two weeks ago, will sell some of its North Sea oil fields as well as parts of its refining portfolio and some early-stage projects, reported the Financial Times, citing a person close to the company.

The oil company, the world's number-three among investor-controlled energy firms, declined to comment on the report.

Shell and its peers in the industry are facing increasing investor pressure to hold down spending as costs rise and prospects for oil prices wane.

The Anglo-Dutch company said in October that it would step up divestments "significantly" in 2014 and 2015 to keep cash flowing in, after forecasting that 2013 capital expenditure would peak at about $45 billion.

Analysts and bankers say that some of the company's Nigerian oil blocks plus Shell's 23.1 percent stake in Australian group Woodside Petroleum - worth over $6 billion at current prices - could be put on the block.

"It wouldn't surprise me if Shell were to sell some North Sea assets," Santander analyst Jason Kenney said.

"In the North Sea, something like 80 percent of its production comes from 20 percent of its asset base so there's a long tail of smaller positions."

Since Van Beurden began working alongside outgoing boss Peter Voser at the beginning of the fourth quarter, the company has cancelled plans to build a gas-to-liquids (GTL) plant in the United States, raising investor hopes of a tighter spending regime.

Kenney said he expected Shell under Van Beurden to focus on capital discipline, better returns and selling peripheral assets.

Van Beurden will face investors on January 30 as the company reports fourth-quarter results, and on March 13 at a planned investor day.

Shares in Shell traded down 0.9 percent at 1422 GMT, underperforming Britain's bluechip index which was up 0.1 percent.

Acquisitions and Divestitures News in United States >>

Ireland >>  10/22/2020 - Providence Resources P.l.c., the Irish based resource development company announces that it has received official confirmation from the Department of...
Ireland >>  10/22/2020 - Lansdowne Oil & Gas plc, the North Celtic Sea focused, oil and gas company, is pleased to announce that all the paperwork relating to the reassignment...

Romania >>  10/22/2020 - Serinus Energy plc has filed a Request for Arbitration with the Secretariat of the International Court of Arbitration of the International Chamber of ...
Uganda >>  10/21/2020 - Tullow Oil plc to announce that the Government of Uganda and the Ugandan Revenue Authority have executed a binding Tax Agreement that reflects the pre...

United Kingdom >>  10/21/2020 - On 23 September the Company announced that it had completed an equity fundraise to raise 1,000,000 before expenses (Placing), through the issue of 11...
United States >>  10/21/2020 - Nostra Terra, the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, has provided an op...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 |

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.