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Shell sells its assets in North Sea worth $3 billion

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Shell sells its assets in North Sea worth $3 billion

Royal Dutch Shell is going to sell a considerable part of its oil and gas assets in the North Sea in an effort to reduce debt, Reuters reports on Friday.

The assets, which cost $3 billion, will be sold to private equity-backed Chrysaor, the oil company specialized in the North Sea area. The package will include older fields, new developments and infrastructure.

According to experts, Chrysaor intends to invest in development of offshore basins in the North Sea, given that production there has been decreasing over the course of the last two decades.

Reuters noted that Shell and Chrysaor did not provide comments immediately.

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