Shell completes sale of Draugen and Gjøa interests to OKEA

NewMailNG NewMailNG
NewMailNG NewMailNG
Shell

A/S Norske Shell has completed the sale of its interests in the Draugen and Gjøa fields in Norway for 4,52 Billion NOK (~US$526 million*) to OKEA AS.

With the deal completion, Shell exits its 44.56% operated interest in the Draugen field and 12% non-operated interest in the Gjøa field, representing approximately 14% of A/S Norske Shell’s total production in 2017. 153 staff transfer from Shell to OKEA on their contracts of employment and with full continuity of service.

“Today’s deal completion was achieved despite a tight timeline from the Sales and Purchase Agreement in June 2018. It was made possible by good collaboration between Shell and OKEA and with constructive dialogue with the Norwegian Authorities”, said Rich Denny, Managing Director of A/S Norske Shell.

Shell remains committed to Norway, including as operator of Ormen Lange and Knarr and as partner in Troll, Valemon and Kvitebjørn. A/S Norske Shell continues to be the Technical Service Provider of the Nyhamna Gas Processing Plant, and partner in the Norwegian Full Scale CCS project Northern Lights and CCS test facility at Mongstad.

This deal is part of Shell’s global, value-driven $30 billion divestment programme, and consistent with the strategy to high-grade and simplify the portfolio.

Share This Article