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8
Feb

Shell sells a large asset for $3.8bn

Shell has sold a large part of its oil fields in North Sea for $3.8bn (£3bn) to Chrysaor headed by Linda Cook, who left the Anglo-Dutch group more than seven years ago.

Overnight, Chrysaor became one of the largest oil and gas producers in Britain with output of 115,000 barrels of oil equivalent per day, snapping up more than half of Shell’s British production capacity, including the Buzzard field which helps to set the global Brent oil benchmark.

Recently, Shell demonstrated its interest in Russian and Baltic direction of oil and gas production. How the company  will use the released capital? Can we expect that some funds will cover the company’s projects in Eastern Europe?

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