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Shell UK is set to drop $ 1 billion in gas assets in the North Sea

Shell UK is set to drop $ 1 billion in gas assets in the North Sea

Production rates in the region have continued to decline since the 1990s, and Shell has since relinquished its stake in some sectors in the UK’s North Sea that have been affected by the global shift towards low-carbon renewables.

The UK-based company wants to give up its stake in two gas fields in the south of the North Sea in the UK, with assets valued at 50% of the Clipper Center and Lehman Alpha premises. About a billion dollars, sources confirmReuters“.

The move was part of Shell’s relinquishing its stake in some North Sea fields, including the sale of nearly $ 3.8 billion worth of shares to independent oil and gas company Harper Energy.

Shell and North Sea properties

The Clipper Center, located 66 kilometers off the coast of Newforlik, has the capacity to carry 400 million cubic feet of stable gas per day, while Shell has five bases on the Lima Alpha campus.

Shell drilling ship in Namibia – Archive

The shares sold by Shell will supply natural gas pipelines to the Bagton processing plant in the east of England.

But a number of factors strengthened the company’s decision to give up some of its stake in the British North Sea, including trying to capture a global shift towards low-carbon renewable energy sources.

Currently, most international oil companies are reluctant to invest in assets.

Major oil companies have cut back on their projects in the British North Sea, whose production has been declining since the turn of the century, and are increasingly focusing on projects with large production stakes in other regions.

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Shell’s alternative plans

Shell CEO Ben van Beurden confirmed earlier this month that his company aims to sell some of its assets for an average of $ 4 billion a year.

Beardon saw the possibility of his company selling off its aging assets now, in light of the fact that oil prices had risen to a seven-year high of over $ 90 a barrel.

Reduce shell and emissions
Shell CEO, Ben van Beurden – Archive

Shell dropped 50% of its appraised assets to Clipper Center and Lehman Alpha Complex after its shareholder in the same shares (American ExxonMobil) last year renounced its assets in favor of private equity firm “NEO”.

Thus, Shell and ExxonMobil complete the joint venture that began in the 1960s.

With the closure of the Clipper Center and Lehman Alpha Complex projects, the company is also opening new projects in the North Sea, such as the Penguin Project in the North Shetland Islands.

Shell took steps to create a Jakta gas field at the Shearwater Center, but the project was rejected by a British regulator last year.

High electricity prices faced by European countries last year – in a pre-winter suffocating energy crisis – prompted the British regulator to resume talks with an international agency to renew project work.

North Sea projects

Most fossil fuel projects in the North Sea have sparked controversy, and the most recent of these clashes came earlier this month, after climate activists met with strong objections to the government’s oil and gas authority’s report in the UK on the creation of Abigail. Domain.

In December last year, Shell reversed its decision to upgrade the combo oil field for environmental resistance. The Anglo-Dutch company offered it, and the shareholder, which had a 70% stake in British Cigar Point, offered to sell its shares. Domain for Neo.

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Meanwhile, the company is simultaneously offering to supply natural gas to European countries in the event of a Russian supply disruption, while gradually abandoning its stake in the British North Sea.

The giant oil and gas company presented itself as an alternative to Russian gas, and indicated that it would make possible efforts to supply gas to Europe.

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