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Shell Selling Assets in Gulf of Mexico

Shell Selling Assets in Gulf of Mexico Shell Selling Assets in Gulf of Mexico

Royal Dutch Shell plc, through its affiliate Shell Offshore Inc., said it has an agreement to sell 100% of its record title interest in Gulf of Mexico Green Canyon Blocks 114, 158, 202 and 248, referred to as the Brutus/Glider assets, to EnVen Energy Corporation, through its affiliate EnVen Energy Ventures, LLC, Sputnik reported. In line with Shell’s global divestment plans, this transaction includes $425 million in cash, Shell said in a statement published on Monday. The statement added that the company expected the transaction to close in October. Shell will exit oil and gas operations in up to 10 countries in a drive to deepen cost cuts as it weathers weak oil prices and has to pay down debt following its $54 billion acquisition of BG Group. The company is active in more than 70 countries. Shell is one of the largest world's oil companies, which has developed oil production infrastructure around the world, including in Africa, Asia, South America, as well as in the Gulf of Mexico.

 

Financialtribune.com