Royal Dutch Shell has agreed to sell $3.8bn (£2.46bn) worth of North Sea assets to oil exploration Firm Chrysaor as part of continuing cost-cutting measures. Shell is aiming to sell $30bn of assets by 2018 as seeks to reduce its debts following its takeover of BG Group.
The oil giant is also to sell its stake in a Thai gas field for $900m. Shell’s interests in Buzzard, Beryl, Bressay, Elain-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond and Erskine – plus a 10% stake in Schiehallion – will be sold as part of the deal.
BP is to sell part of its Interests in the Magnus oil field and Sullom Voe terminal in Shetland for £68m ($85m). EnQuest will secure 25% of BP’s Magnus stake, and a 3% share of the Shetland facility. It is expected that about 100 BP staff linked with Magnus, and about 240 at Sullom Voe, will also transfer to EnQuest. The company will have future options to take full ownership of Magnus and a larger Sullom Voe stake. The deal also includes 25% of BP’s interests in several associated pipeline systems.
Magnus is the UK’s most northerly field, located 160km (100 miles) north east of the Shetland Islands.