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Norway Post: Shell sells off Norwegian assets

Norske Shell (‘Shell’) has announced that it has entered into an agreement with E.ON Ruhrgas Norge to sell its 28% equity interests in the undeveloped Skarv and Idun fields for US$ 893 million.
 
03.08.2007 08:03
 
The agreement covers the licenses PL-159, PL-212, PL-212B and PL-262 in the Norwegian Sea,  located in the Norwegian Sea, 200 km west of Sandnessjøen, in water depths of between 350 and 450 meters.

It consists of the Skarv gas and oil field and the Idun gas field. Both fields contain hydrocarbons at three reservoir levels and the total recoverable resource basis is estimated to 16.8 MSm3 of oil and condensate and 48.3 GSm3 of rich gas.

David Loughman, Managing Director of Norske Shell, says: “We remain fully committed to Norway and continue to consider this to be a key area of growth within our European business. We are currently making major investments on the Norwegian Continental Shelf. The Ormen Lange development, where Shell assumes operatorship in November 2007, is very important in our growth strategy. We are currently investing in increased output from the Shell operated Draugen asset, the development of Gjøa and further development of the Statfjord, Troll, Kvitebjørn and Valhall assets. In addition we continue a very active exploration drilling program in the deep-water areas of the Norwegian Sea.”

 “The divestment of Skarv and Idun is part of the active management of Shell’s portfolio-based strategy. We are committed to focussing on assets where we can best use our people, capital and technologies for competitive long-term returns and on a global basis. As any healthy business should, we continually evaluate our portfolio to ensure that the fields, which we own, are those where we can add most value,” Loughman says.

(Moss Avis/Press release)

Rolleiv Solholm 

http://www.norwaypost.no/cgi-bin/norwaypost/imaker?id=94146

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