Shell sells North Sea oil fields to rival group 
Royal Dutch Shell has agreed to sell 3.6 billion euros ($3.8 billion) worth of its North Sea assets to oil explorer Chrysaor as part of its debt restructuring plan aimed at adapting to lower oil prices.
Ten Shell-owned oil fields in the North Sea will go to smaller rival group Chrysaor under the deal, reducing the anglo-dutch energy giant's output by over half. Some 400 employees are expected to transfer to Chrysaor. The transaction, which is still subject to regulators' approval, is slated for completion in the second half of 2017. The move is an integral part of Shell's strategy to adapt to lower oil prices and pay off debt in the wake of its massive takeover of rival BG group. "This deal shows the clear momentum behind Shell's global, value-driven $30 billion divestment program," said Simon Henry, Shell's chief financial officer, adding that the "value here represents a profit against the book values of the assets, and a breakeven oil price above that for the BG acquisition." Shell took over BG Group for $52.6 billion last year, increasing its proven reserves by 25 percent. Many critics questioned the logic of the move at a time when oil prices hit 12-year lows amid slowing economic growth in China and increased production in the US. Oil prices have since rebounded somewhat, with Brent crude currently back above $50 a barrel. hch/uhe (AP, DPA)
Shell
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North Sea
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Royal Dutch Shell
Royal_Dutch_Shell
3.6 billion euros
$3.8 billion
North Sea
North_Sea North_Sea_oil North_Sea,_New_York Fishing_in_the_North_Sea North_Sea_(1938_film) North_Sea_Jazz_Festival Ingaevones Caribbean_Sea North_Sea_flood_of_1962 Baltic_Sea NS_class_airship Gulf_of_Mexico North_Sea_Fleet Caribbean North_Sea_Germanic Doggerland
oil explorer
Chrysaor
Chrysaor The_Faerie_Queene
Shell
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North Sea
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rival group
Chrysaor
Chrysaor The_Faerie_Queene
Chrysaor
Chrysaor The_Faerie_Queene
2017
Shell
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rival
BG group
BG_Group
Shell
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$30 billion
Simon Henry
Simon_Henry,_Count_of_Lippe Simon_Henry
Shell
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BG
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Shell
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BG Group
BG_Group
$52.6 billion
China
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US
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Brent
$50
hch/uhe (AP, DPA)
Royal Dutch Shell
Royal_Dutch_Shell
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Chrysaor
iptc::20000170 sector::20000267 slot::keyword topic::business type::company type::entity type::organization
North Sea
North_Sea
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BG group
BG_Group
iptc::20000170 sector::20000267 topic::business type::company type::entity type::organization
3.6 billion euros
topic::none type::money type::value
$3.8 billion
topic::none type::money type::value
oil explorer
topic::none type::role type::value
rival group
topic::none type::role type::value
2017
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rival
topic::none type::role type::value
$30 billion
topic::none type::money type::value
Simon Henry
Simon_Henry
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$52.6 billion
topic::none type::money type::value
China
China
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US
United_States
topic::none type::entity type::gpe type::gpe0 type::location
Brent
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$50
topic::none type::money type::value
hch/uhe (AP, DPA)
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