Shell ties up sale of North Sea asset package to Chrysaor for up to $3.8bn

 
Helen Cahill
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Shell is divesting assets after an acquisition (Source: Getty)

Shell has completed the sale of a set of its assets in the North Sea to Chrysaor for up to $3.8bn (£2.9bn).

As part of the sale, which was first announced at the end of January, 253 Shell staff will move to Chrysaor.

The British-Dutch oil company said the deal was part of its plan to simplify its upstream portfolio by selling off assets. Shell is also on a $30bn divestment drive following its acquisition of BG Group for $70bn.

The sale includes an initial consideration of $3bn and then a payment of up to $600m between 2018 and 2021, which will be subject to commodity prices. Shell could be in line for up to $180m on top of this, dependent on future discoveries.

In January, Shell also announced plans of sell its stake in the Bongkot gas field in Thailand for $900m to Kuwait Foreign Petroleum Exploration Company.

However, the deal folded after negotiations with Bangkok took too long.

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