Shell to Sell Three North Sea Assets

Shell to Sell Three North Sea Assets

The company has laid out plans to sell off $15 billion of assets over the next two years.

LONDON -- To focus on growth opportunities, Royal Dutch Shell (IW 1000/1) said on Friday that it will sell three major assets in the North Sea, to focus on growth opportunities.

Shell said that it will look to sell its interests in the Nelson and Sean platforms, and in the Anasuria floating production, storage and offloading installation.

"The UK is an important business region for Shell, and our investment strategy continues to focus on assets where we see an opportunity for growth using our world-class technological know-how," said Glen Cayley, vice president of Upstream Shell UK and Ireland.

"We have 50 years of investment and operations in this region, including some of the landmark developments in the history of the North Sea. We are focusing and strengthening our portfolio for the decades ahead with many exciting projects."

He added: "These changes are very much in line with our strategy and will allow us to focus on where we can add value to ensure a long term future for Shell in the basin."

Anasuria is located 115 miles east of Aberdeen, and Shell has a 50% equity stake.

The Nelson platform is situated east north east of Aberdeen, and Shell has a 58.1 percent holding.

The Sean facility is located in the southern North Sea, 68 miles north east of Lowestoft. Shell has a 25% equity stake.

Late last month, Shell announced the suspension of drilling in offshore Alaska after a U.S. court decision and as the oil major streamlines operations following a slump in annual profits.

Shell decided to halt the project this year after a federal appeals court last week ruled that the U.S. government had improperly relied on inadequate information in the process of awarding licences for exploration in Alaska.

Shell had revealed the news in a poor results statement that also laid out plans to sell off $15 billion of assets over the next two years.

Copyright Agence France-Pressse, 2014

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