Shell Sells U.S. Gas Fields for $1.8 Billion

Part of restructuring program aiming to save $7-8 billion

Royal Dutch Shell said on Dec. 10 that it had agreed to sell a group of gas fields in south Texas to OXY USA, a subsidiary of Occidental Petroleum Corp., for about $1.8 billion.

The sale, effective from January 1, 2011, "is a further step in Shell's ongoing portfolio restructuring and focus on capital efficiency", the group said.

The transaction forms part of a restructuring program which the Anglo-Dutch company hopes will raise between $7-$8 billion in 2010 and 2011.

Copyright Agence France-Presse, 2010

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