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Chrysaor to get Shell assets in North Sea for $3 bln

 

 


LONDON
Petroleumworld.com 01 30 2017

Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets for $3 billion to a private equity-backed firm, several banking sources said.

The deal will mark a major milestone in the Anglo-Dutch company's drive to reduce its heavy debt pile following the $54 billion acquisition of BG Group in February 2016.

Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments and infrastructure in a move that could breath new life into one of the world's oldest offshore basins where production has been in a steady decline since the late 1990s.

The deal is expected to be announced in the coming days to coincide with Shell's full-year results on Feb. 2, several sources said.



Story reporting by Ron Bousso; Editing by Jason Neely from Reuters

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