Shell is zeroing in on a deal to sell-off its North Sea assets, according to a recent report .
Private-equity backed investment funds are reported to be ready to close in on the energy giant’s North Sea portfolio as investors renew confidence in the market recovery.
According to city sources cited in the Daily Telegraph, the anticipated move comes as Shell plans to sell off $30billion worth of assets following its takeover of BG Group.
The Daily Telegraph reported that the deal was within weeks of being finalised.
Shell’s North Sea assets have been at the heart of market speculation for the past year.
Late in 2016, Chrysaor Holdings was rumored to closing in on a £1.6billion deal to buy a number of Shell’s assets.
This latest speculation comes a day after the oil major sold-off 30-year-old 50% stake for $820million.
Yesterday the operator confirmed it had shifted its holdings in the SADAF chemicals joint venture in Saudi Arabia to SABIC.
The sell-off is an early exit for Shell – the joint venture was due to expire in 2020. It comes 30 years after Shell’s buy-in to SADAF.
Shell has been on a selling spree in bid to balance its books in the wakes of the its mega BG takeover.
The firm is closing on achieving 10% of its $30billion sell-off total. Read more here.
Shell is due to reveal its fourth quarter results on Thursday, February 2.
A Shell spokesman said the oil major does not comment on speculation.
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