Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 494.50
Bid: 494.50
Ask: 494.65
Change: -9.20 (-1.83%)
Spread: 0.15 (0.03%)
Open: 498.00
High: 499.60
Low: 490.65
Prev. Close: 503.70
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Shell sells $1.3 bln of oil and gas assets in Norway, Malaysia

Wed, 20th Jun 2018 13:32

* Shell sells Norwegian field to OKEA for $566 mln

* In Malaysia, it sold LNG plant stake for $750 mln

* Shell has sold over $27 bln of assets since 2015

By Ron Bousso and Nerijus Adomaitis

LONDON/ OSLO, June 20 (Reuters) - Royal Dutch Shellannounced the sale on Wednesday of oil and gas assets in Norwayand Malaysia for over $1.3 billion, bringing it closer to atarget of $30 billion in disposals by year-end.

The Anglo-Dutch company agreed to sell to OKEA, a Norwegianproducer backed by private equity firm Seacrest Capital, its 45percent interest in the Draugen Norwegian offshore field and a12 percent in the Gjoa block for a total of $566 million, thetwo companies said.

Earlier, Shell announced the completion of the sale of a 15percent stake in Malaysia LNG (MLNG) Tiga to the Sarawak StateFinancial Secretary for $750 million.

Shell committed to the ambitious three-year sale planfollowing the decision to acquire BG Group in 2015, a deal thatwas completed in February 2016 for $54 billion.

The latest announcement bring the total assets Shell hassold or agreed to sell since 2015 to around $27 billion,according to Reuters calculations.

Shell will remain present in oil-rich Norway through itsstakes in several fields, including Ormen Lange and Knarr, whichit operates.

For OKEA, co-founded by the county's former oil minister OlaBorten Moe in 2015, the deal provides the first sizeable stakesin a producing field on the Norwegian continental shelf.

OKEA said the two fields will deliver around 22,000 barrelsof oil equivalent per day net to the company.

Bangchak Corporation PCL, a Thai downstream oil and gascompany, had entered into a strategic partnership with SeacrestCapital Group to finance the acquisition, OKEA said.

OKEA also said it had launched a $180 million, 5-year, fullyunderwritten senior secured bond to help finance the deal.

Shell-operated Draugen, which has been producing oil since1993, had about 24 million barrels in reserves left at end-2017,data from the Norwegian Petroleum Directorate (NPD) shows.

The Gjoa field, operated by Neptune Energy, had 13 millionbarrels of oil and 13.5 billion cubic metres of natural gas atend-2017, according to NPD data.

OKEA has a tiny stake in Aker BP-operated IvarAasen field, and a 15 percent interest in Repsol-operatedYme field, which is expected to start producing oilagain in late 2019.

The Norwegian government approved Yme's more than 8 billioncrown ($978 million) redevelopment project in March.

A previous attempt by Talisman Energy to restart the field,which was shut in 2001, failed in 2016 due to structuralproblems with its new production platform.(Reporting by Ron Bousso; Editing by Adrian Croft)

More News
15 Apr 2024 11:56

LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.

Read more
15 Apr 2024 08:59

LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

(Alliance News) - Stock prices in London opened lower on Monday, with a decline in oil prices sending Shell and BP lower, in a cautious start to the week following Iran's strikes on Israel over the weekend.

Read more
13 Apr 2024 16:52

Sector movers: Investors seek out safe havens across all asset classes

(Sharecast News) - Commodity plays were again sought out at the end of the week after The Wall Street Journal said that an Iranian attack against Israel was thought to be imminent.

Read more
12 Apr 2024 17:28

FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

*

Read more
12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

Read more
12 Apr 2024 15:45

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 14:45

London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

Read more
12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

Read more
12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

Read more
12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

Read more
12 Apr 2024 07:56

UAE's ADNOC said to have recently considered BP takeover

(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

Read more
11 Apr 2024 14:41

Senegal says oil, gas and mine contracts will be reworked if needed

DAKAR, April 11 (Reuters) - Senegal's new Energy and Mines Minister said on Thursday the government would renegotiate oil, gas and mining contracts if necessary once a promised audit is completed.

Read more
10 Apr 2024 08:41

Johnson Matthey and BP win deal for US sustainable aviation fuel plant

(Alliance News) - Johnson Matthey PLC and BP PLC on Wednesday said their technology offering has been selected for use in a sustainable aviation fuel plant being built in the US state of Louisiana.

Read more
10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.