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Shell, Exxon Sell North Sea Field to ONE After Oil-Price Rout

Screen Shot 2014-06-23 at 11.37.41Article by Jillian Ward published 29 Jan 2015 by Bloomberg under the headline:

“Shell, Exxon Sell North Sea Field to ONE After Oil-Price Rout”

Extracts

(Bloomberg) — Royal Dutch Shell Plc and Exxon Mobil Corp. have sold their stakes in the Sean field to Oranje-Nassau Energie BV for an undisclosed sum as drillers seek to offload aging North Sea assets.

Shell and Exxon each sold a 25 percent stake in the gas field to Amsterdam-based ONE, the companies said. The deal — still subject to partner and regulatory approvals — will likely be completed in the first half of 2015, Shell said in an e-mailed statement.

“Sean has entered a phase where it offers greater value to other companies than it does for Shell,” The Hague-based company said. “The deal shows that Shell is delivering its strategy to focus on areas where the company can add value in the U.K. Continental Shelf.”

The collapse in oil prices since June has added to pressure on drillers to sell aging North Sea wells.

Shell may close its Draugen oil field in the Norwegian Sea a decade earlier than in a prior assessment of the area’s potential lifespan because of rising costs and the slump in oil prices. Two other fields in the area — Nelson and Anasuria — are still up for sale, the company said.

To contact the reporter on this story: Jillian Ward in London at [email protected]

To contact the editors responsible for this story: Celeste Perri at [email protected] Alex Devine, Alastair Reed

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