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Hemscott.com: Shell, Esso to sell some North Sea assets

LONDON (Thomson Financial) – Royal Dutch Shell PLC and ExxonMobil Corp unit Esso Exploration and Production Ltd will be selling some of their North Sea assets, Shell said in a statement.

Shell said the planned sale will impact 25,000-30,000 barrels of oil equivalent per day of its production, or less than 10 pct of its UK output of 350,000 boepd.

The pair will be selling their interests in Cormorant Alpha, Cormorant North, Tern, Eider, Kestrel and Pelican, as well as in Otter and Hudson. They will also dispose of their stakes in the acreage, production licences and associated infrastructure in Quadrants 210 and 211.

The assets will be offered to the market on an ‘open, competitive basis,’ Shell said.

‘Active management of our assets is not new, and is a key part of Shells portfolio-based strategy,’ said Tom Botts, executive vice-president of Shell’s exploration and production unit in Europe.

‘Shell remains committed to Europe and the North Sea as a core business area and holds a key strategic position in security of energy supply to the UK,’ he said.

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