upstreamonline.com
Anglo-Dutch supermajor Shell could sell more than $10 billion of assets including its North Sea oilfields operations, sources close to the company are reported to have said.
Upstream staff 15 February 2010 01:30 GMT
While most of the cuts are expected to come from the companys downstream operations, which were hit hard during the global economic crisis, Shell is also is looking at a $5 billion disposal program for onshore fields in Nigeria, Londons Sunday Times newspaper reported, citing unnamed sources.
Shell has hired Credit Suisse to sell its $1 billion European liquefied petroleum gas arm, and first-round bids of about $500 million have also been lodged for a network of petrol stations across Africa, Reuters reported the paper said.
Shell, Europe’s second-largest oil company by market value, declined to comment.
It pledged $1 billion in cost cuts and to shave 1000 jobs in 2010, and upped its target for refinery divestments when it posted a 75% drop in fourth-quarter profits earlier this month.
Shell is also contemplating an exit from Sweden, and a $1.2 billion auction of three European refineries, the paper said, according to the Reuters report.
Published: 15 February 2010 01:30 GMT
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