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London Evening Standard: OIL MAJORS SHELL AND EXXON IN NEW NORTH SEA SELL-OFFS

Friday 15 June 2007

Shell and US giant Exxon, best-known in the UK as Esso, are to dispose of a number of production facilities in one of the biggest recent sell-offs of North Sea assets. The sales — which across a number of fields account for about 74,000 barrels of oil or gas equivalent per day, around 20 percent of the North Sea’s daily production — are likely to raise substantial amounts of money for the oil majors. Venture Production, which lifts oil and gas solely in the North Sea, produces 45,000 barrels a day and is valued at about GBP1 billion.

The move is the latest by the supermajors, who are increasingly abandoning the North Sea where production is becoming more difficult and more expensive, in favour of new fields worldwide.

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