Royal Dutch Shell to sell USD 15bn of assets, including North Sea oil fields
Royal Dutch Shell will dispose of USD 15bn of assets, including some North Sea oil fields, in the next two years, the Financial Times reported.
The Dutch oil giant will sell mature oil fields in the North Sea and other locations, a portion of its refining operations and some early stage projects, according to a person with intimate company knowledge.
As oil prices plunge and costs pile up, investors have been clamoring for oil giants to clamp down on spending. The company's new Chief Executive Officer, Ben van Beurden, who assumed the helm two weeks ago, is expected to adopt more investor-friendly measures.
In October, Shell said it would increase sales of assets over the next two years to increase cash flow. It started a strategic review of its Nigerian assets and U.S. shale properties and recently said it would not move forward with a multi-billion dollar gas to liquids plant in Louisiana.
Source Financial Times