Sep 27, 2022 (PressReach.com via COMTEX) -- Shell’s stock traded at $47.90 as of 01:21 PM EDT.
Shell (lon:SHEL) and Exxon Mobil /zigman2/quotes/204455864/composite XOM -0.35% have launched a joint sale of offshore natural gas assets in the southern UK and Dutch North Sea, sources say. According to insiders, the two businesses have chosen Jefferies to oversee the sale, which may fetch $2 billion.
This month’s deal follows early sales by SHEL and Exxon of their British and Dutch assets. Both Shell and Exxon did not respond immediately to a request for comment. In July, SHEL and Exxon sold the 50-50 NAM joint venture in the Netherlands.
Sources say the two businesses have also put up for sale their shares in their British southern North Sea gas hub, which includes the Clipper Leman Alpha hubs and the Bacton terminal in eastern England. Shell (lon:SHEL) was planning to sell in February, according to Reuters . The joint sale of both basins intends to attract bids from oil and gas corporations interested in the initial step, sources added. The deals are part of the two firms’ effort to dispose of aging oil and gas assets to decrease costs and focus on larger projects throughout the world.
SHEL, BP, ConocoPhillips, and Exxon Mobil are developing the technology, which Exxon Mobil predicts will be worth $4 trillion by 2050. Since 2008, Shell has been the leader in CCS development. In 2020 alone, it spent $70 million on CCS, making it a key element of its energy portfolio. The corporation promotes CCS in its sustainability efforts . Its 2019 Sustainability Report says the corporation is studying ways to use captured CO2. More Yahoo! Finance.
Oil and gas prices fell this week. Shell plc (lon:SHEL) announced the resignation of CEO Ben van Beurden next year, and energy infrastructure operator The Williams Companies bought NorTex Midstream. Cheniere Energy, APA Corp., and TechnipFMC made news.
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