Shell set to sell $3 billion North Sea assets to Chrysaor: sources
Reuters
Published Jan 27, 2017 06:53AM ET
Shell set to sell $3 billion North Sea assets to Chrysaor: sources
LONDON (Reuters) - Royal Dutch Shell (L:RDSa) is nearing the sale of a large part of its North Sea oil and gas assets for $3 billion to a private equity-backed firm, several banking sources said.
The deal will mark a major milestone in the Anglo-Dutch company's drive to reduce its heavy debt pile following the $54 billion acquisition of BG Group in February 2016.
Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments and infrastructure in a move that could breath new life into one of the world's oldest offshore basins where production has been in a steady decline since the late 1990s.
The deal is expected to be announced in the coming days to coincide with Shell's full-year results on Feb. 2, several sources said.
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Written By: Reuters
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