Shell sells Norwegian fields interest to Okea

Shell sells Norwegian fields interest to Okea
Image courtesy of Shell

Shell’s Norwegian unit, Norske Shell, sold its interest in the Draugen and Gjøa fields in Norway to Okea for 4.52 billion NOK ($526 million).

With the deal completion, Shell exits its 44.56 percent operated interest in the Draugen field and 12 percent non-operated interest in the Gjøa field, representing approximately 14 percent of Norske Shell’s total production in 2017.

Shell noted that 153 staff transfer from Shell to Okea on their contracts of employment and with full continuity of service.

Norske Shell continues to be the Technical Service Provider of the Nyhamna Gas Processing Plant, and partner in the Norwegian Full-Scale CCS project Northern Lights and CCS test facility at Mongstad.

This deal is part of Shell’s global, value-driven $30 billion divestment programme, and consistent with the strategy to high-grade and simplify the portfolio.