Shell, a global oil and gas company with locations throughout the Americas, has completed the sale of a package of UK North Sea assets to Chrysaor for a total of up to USD $3.8 billion, including an initial consideration of USD $3.0 billion and a payment of up to USD $600 million between 2018 – 2021 subject to commodity price, with potential further payments of up to USD $180 million for future discoveries.
The package of assets consists of Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Area, the Greater Armada cluster, Everest, Lomond and Erskine, plus a 10 percent stake in Schiehallion. Shell retains a significant, more focused and strengthened presence in the UK North Sea, to which it remains committed.