21st Sep 2018 11:30
LONDON (Alliance News) - FTSE 100-listed oil giant Royal Dutch Shell PLC is in talks to sell its interest in a Gulf of Mexico oilfield to Focus Oil Co which could fetch up to USD1.3 billion, Bloomberg News reported late Thursday.
Citing figures close to the matter, the news agency reported Shell was looking to sell its stake in the Caesar Tonga field, around 300 kilometres off the coast of Louisiana. Shell holds a 22.5% stake in Caesar Tonga.
The reported sale talks follow attempts by Shell to sell some of its mature assets in order to help fund its recent acquisition of oil & gas peer BG Group PLC.
In February 2016, Shell completed its GBP35 billion takeover of BG. In order to help fund the deal, Shell committed to disposing of around USD30 billion in assets.
https://www.bloomberg.com/news/articles/2018-09-20/shell-is-said-in-talks-to-sell-1-3-billion-in-gulf-coast-assets
Shares in Shell's "A" shares were 1.5% higher at 2,551.50 pence on Friday, its "B" shares were 1.5% higher at 2,589.50 pence.
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