EnergyWatch

EU approves Shell's major North Sea sale

One of the largest divestments ever seen in the North Sea will become a reality after the EU granted Shell approval.

Photo: Royal Dutch Shell PR

The UK-Dutch oil company which has long battled with heavy debt, will soon be able to ease its debt burden by USD 3.8 billion (EUR 3.4 billion).

The sale of a large share of Shell's North Sea assets has now been approved by the EU Commission. The buyer, British oil company Chrysaor, can now take over Shell's shares in the following ten oil fields: Buzzard (21.73%), Beryl (39.4%), Bressay (18.4%), Elgin-Franklin (14.1%), J-Block (30.5%), the Greater Armada cluster excluding Gaulpe (76.4%), Everest (100%), Lomond (100%), Erskine (32%) and Schiehallion (10%).

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