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Shell seeks to sell out of several Norwegian fields

Thu, 08th Mar 2018 22:26

* Shell offering operating stake in Draugen field

* Offers a number of small stakes in three other fields

By Ron Bousso

HOUSTON, March 8 (Reuters) - Royal Dutch Shell isselling out of the ageing Draugen field in Norway and is alsooffering small stakes in a number of other fields, according toa document seen by Reuters.

The sale process is part of the Anglo-Dutch company's driveto sell $30 billion of assets by the end of the year followingthe acquisition of BG Group in 2016. It has so far sold over $25billion.

Shell is offering its 44.56 percent stake in the Draugenfield, which produces around 225,000 barrels per day, accordingto the sales brochure. Draugen, which Shell operates, startedproducing in 1993 and has another 20 years of life, the documentsaid.

Shell declined to comment on the sale process but aspokeswoman said: "We constantly evaluate opportunities toreshape our portfolio, in line with our business strategy."

On top of Draugen, Shell is also seeking to sell a number ofstakes in non-operated fields including Gjoa, where it holds 12percent, Kvitebjorn, 6.45 percent, Valeman, 3.2 percent andSindre, 3.2 percent, known collectively as NOV Assets.

"Shell will only contemplate divesting NOV Assets alongsideDraugen if Shell feels there is sufficiently strong buyerinterest," according to the document.

Shell will only consider divesting NOV Assets together withDraugen, it said. It has stakes in a number of other Norwegianoil and gas fields including Gaupe, Knarr and Troll.(Reporting by Ron Bousso;Editing by Sandra Maler)

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