Shell looking to get rid of North Sea assets

Oil giant Royal Dutch Shell is reportedly in talks to sell some of its North Sea assets following completion of its takeover of a rival oil and gas producer, BG Group, that made Shell one of the world’s largest foreign stakeholders in Brazilian deepwater oil fields. 

According to The Sunday Times, that cited sources close to the matter, Shell is not planning to exit the North Sea completely, but the oil company could dramatically shrink its footprint.

Reuters recently reported that Shell has appointed investment bank Lazard, as well as Bank of America Merrill Lynch and Morgan Stanley, to advise it on a $30 billion (£21 billion) asset sale programme following its acquisition of BG Group.

The British newspaper reported on Sunday that the Bank of America Merrill Lynch has held early talks with potential buyers including Sam Laidlaw, the former Centrica CEO. Laidlaw last year established Neptune Oil & Gas, a new oil & gas investment company that will focus on investing in large oil & gas portfolios that may come available as a result of current energy market dynamics.

However, the Financial Times said that Shell declined to confirm these reports that include the involvement of former Centrica boss, while Neptune stated that Shell’s assets were among a number that the group was currently reviewing for potential buy, along with several other assets in North Africa and Asia.

Offshore Energy Today Staff