Shell is close to sealing the deal to sell a large part of its North Sea oil and gas assets, according to several banking sources.
The energy giant is rumored to be in the final stages of talks to offload a mix of older fields, new developments and infrastructure worth $3billion to a private equity backed firm.
If it goes through, the deal will mark a major milestone in the Anglo-Dutch supermajor’s plans to reduce its debt following the $54 billion acquisition of BG Group in February last year.
Chrysaor, a North Sea-focused oil E&P company backed by private equity fund EIG Partners, was linked to the asset sale last year.
It is thought the move could breath new life into some of the world’s oldest offshore assets, where production has been steadily declining in recent years.
More news on the possible deal is expected in the next few days as Shell prepares to release full year results on February 2.
Fellow supermajor BP handed over several North Sea assets to EnQuest earlier this week in what was hailed as a “positive” move for the industry.
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