Shell oil and gas company sells all its assets in the largest US oil field to competitor ConocoPhillips. The deal will bring the Anglo-Dutch company $9.5 billion. Converted, this concerns more than 8 billion euros.
Shell had long been looking for buyers for its assets in the oil and gas-rich Permian Basin, which is located in western Texas and southeastern New Mexico. The area is known for its shale mining. Shell has been active there since 2012.
In a press release, Wael Sawan, Shell’s director of oil and gas exploration and production, described the deal with ConocoPhillips as “very convincing”, which is in line with the company’s “preferred value over volume” rate. The money will be partly distributed to shareholders and partly used to strengthen the balance sheet.
Under pressure by pronunciation
In May judged The court in The Hague also stated that Shell has a worldwide responsibility to reduce CO2 emissions more quickly and that it must work on this in the short term. By the end of 2030, CO2 emissions should have been reduced by a net 45 percent compared to 2019, the judge ruled.
Since then, Shell has been under pressure to sell assets. It is not clear whether this is also the reason for the sale of the assets in the Permian Basin. The company does not make any statements about this in the press release.
In the message, Shell emphasizes that it has been supplying energy to American customers for more than a hundred years and that it also wants to remain leading in the country “in the coming decades”.
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