Hull complete of $3.8 billion in the North Sea for sale

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Shell has completed the $3.8 bn sale of a package of North Sea assets Chrysaor the result of the approval of the regulatory agencies and stakeholders.

The package includes Shell has interests in several areas – in particular the Nozzle, the Beryl, Elgin-Franklin and Schiehallion.

Shell is to sell $30 billion of assets by 2018, as it aims to repay the debt following its purchase of BG Group.

More than 250 employees, have transferred to Chrysaor within the framework of the transaction, which was first announced in January.

The transaction represents about half of the Shell in 2016 from the North Sea to the exit.

A Shell spokesman said that the company “retains an important, focused, and a presence in the united KINGDOM, the North Sea, to which it is committed”.

He added: “the Completion of this transaction shows a net momentum of Shell’s $30 billion divestment programme is in line with the Shell of the car in order to simplify the upstream of the portfolio and the re-form of the company into a world-class investment.”

The sale means Chrysaor is now the largest independent operator in the North Sea.