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News // Companies

Shell to sell Denmark upstream business for $1.9 Billion

18 October 2018 , 16:07Neftegaz.RU438

The Hague, October 18 - Neftegaz.RU. Shell announced it will sell upstream interests in Denmark for $1.9 billion as part of the oil major’s larger divestment program.

 

Shell has agreed to sell its wholly-owned subsidiary, Shell Olie-og Gasudvinding Danmark (SOGU), to Norwegian Energy Company (Noreco). SOGU is a wholly-owned Shell subsidiary that holds a 36.8 % nonoperating interest in the Danish Underground Consortium, a joint venture in the Danish North Sea. Other consortium members include Total (31.2%), Chevron (12%) and Nordsøfonden (20%).

 

The deal is expected to be completed next year and will see Noreco assume all of Shell’s existing commitments and obligations, including the huge Tyra gas redevelopment. The deal makes Noreco the second-largest oil and gas producer in Denmark.

 

Shell’s upstream director, Andy Brown, said: «Today’s announcement is consistent with Shell’s strategy to simplify its portfolio through a $30 billion divestment programme, and contributes to our goal of reshaping the company into a world class investment case.»

 

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