Chrysaor snaps up $3.8 billion in Shell's North Sea assets
Despite divesting part of its North Sea assets to Chrysaor, Royal Dutch Shell remains committed to the UK North Sea.
North Sea Oil Rig by Gary Bembridge https://creativecommons.org/licenses/by/2.0/
Shell sells Bongkot gas field to the Kuwait Foreign Petroleum Exploration Company
In a separate deal, Shell - which last year completed a $54 billion buyout of the exploration company BG Group and has now embarked on a cost-cutting drive and a $30 billion divestment initiative - announced it had sold its stake in the Bongkot gas field in Thailand to the Kuwait Foreign Petroleum Exploration Company for $900 million.Shell remains committed to the North Sea
Despite the sale to Chrysaor, which comprises an initial payment of $3 billion with future payments dependent on commodity prices and future discoveries, Andy Brown, Shell's upstream director, insisted the company remained committed to the North Sea."Shell has a long and proud history in the UK North Sea, to which we remain committed," he said. "This deal complements the great strides we have made over the last two years in improving the competitiveness of our UK upstream business.Related articles:
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"We believe this deal is a vote of confidence in the UK North Sea and offers proof that the industry's increasing competitiveness, and improvements to the fiscal and regulatory regime, are starting to produce positive results."It also contributes to the UK's goal of maximising economic recovery of oil and gas from the UK North Sea, which will continue to be a source of energy, and revenue, for the country for many years to come."