Shell has increased its stake in the North Sea Schiehallion field while selling its interest the Seal area in Canada to Murphy Oil Company.
Shell acquired Murphy Schiehallion's 5.9% stake in the Schiehallion field west of Shetlands taking its stake to 55%, saying that it "offers Shell access to substantial additional reserves and redevelopment potential in the UK, a current and future heartland for Shell Upstream in Europe."
In a separate deal Shell agreed that Murphy, an active developer in the Seal Area in Canada and Shell's partner in a number of assets, will take over Shell's interest and operatorship of all the Seal facilities and leases.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shell commented: "This divestment does not impact Shell's focus on growth activities within other parts of its Peace River leases. Shell has significant land holdings in the Peace River oil sands and has a regulatory application under review to increase its thermal production to 80,000 barrels per day with its Carmon Creek Project."
CM
-
Google shares bounce on Gemini 2.0 launchGoogle has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
-
Millions of pension savers could get targeted support under new proposalsThe proposals are part of the FCA’s attempt to tackle the advice gap, after 75% of savers admitted they don’t have a clear plan for their pension
