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Shell ‘may spin off North Sea assets’

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 company’s 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, London’s 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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