This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-38807175

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Shell sells North Sea assets worth £2.46bn to Chrysaor Shell sells North Sea assets worth £2.46bn to Chrysaor
(about 1 hour later)
Royal Dutch Shell has agreed to sell $3.8bn (£2.46bn) worth of North Sea assets to oil exploration firm Chrysaor as part of continuing cost-cutting measures. Royal Dutch Shell has agreed to sell $3.8bn (£2.46bn) worth of North Sea assets to oil exploration firm Chrysaor as part of continuing debt reduction measures.
Shell is aiming to sell $30bn of assets by 2018 as seeks to reduce its debts following its takeover of BG Group. Shell is aiming to sell $30bn of assets by 2018 as it seeks to pay off debt following its takeover of BG Group.
"This transaction shows the clear momentum behind Shell's... divestment programme," the company said. The deal represents about half of Shell's 2016 North Sea output.
The oil giant is also to sell its stake in a Thai gas field for $900m. Chrysaor will become the largest independent operator in the North Sea after the deal's completion.
On completion of the North Sea deal, about 400 staff will transfer to Chrysaor, "subject to a detailed scoping exercise and staff consultation", Shell said.On completion of the North Sea deal, about 400 staff will transfer to Chrysaor, "subject to a detailed scoping exercise and staff consultation", Shell said.
"This transaction shows the clear momentum behind Shell's... divestment programme," the company said.
Shell's interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond and Erskine - plus a 10% stake in Schiehallion - will be sold as part of the deal.Shell's interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond and Erskine - plus a 10% stake in Schiehallion - will be sold as part of the deal.
The firm said it expected to "record an accounting gain" on the sale, which includes Shell and former BG assets.The firm said it expected to "record an accounting gain" on the sale, which includes Shell and former BG assets.
Shell's chief financial officer Simon Henry said the deal "builds on recent upstream divestments in the Gulf of Mexico and Canada."Shell's chief financial officer Simon Henry said the deal "builds on recent upstream divestments in the Gulf of Mexico and Canada."
He added that the firm wanted to "simplify our portfolio following the acquisition of BG".He added that the firm wanted to "simplify our portfolio following the acquisition of BG".
In April 2015, Shell agreed to buy the oil and gas exploration firm in a deal that valued the business at £47bn.In April 2015, Shell agreed to buy the oil and gas exploration firm in a deal that valued the business at £47bn.
Shell cut thousands of jobs after the BG deal, and announced more than 10,000 job cuts globally.Shell cut thousands of jobs after the BG deal, and announced more than 10,000 job cuts globally.
Also on Tuesday, Shell said it would sell its stake in Thailand's Bongkot gas field to the Kuwait Foreign Petroleum Exploration Company. Also on Tuesday, Shell said it would sell its stake in Thailand's Bongkot gas field to the Kuwait Foreign Petroleum Exploration Company for $900m.