Royal Dutch Shell Plc (NYSE: RDS.A) is seeking to sell its gas fields in Tunisia for about $500 million, sources said, as the Anglo-Dutch company pushes forward with its vast disposal program.
The Tunisian assets, accounting for about 65% of the North African country's gas production, were acquired as part of Shell's $54 billion take over of BG Group in 2016.
The assets include two offshore gas fields -- Miskar, fully owned by Shell; and Hasdrubal, 50% owned by Shell -- as well as an onshore production facility.
In 2015, the fields produced 30,000 barrels of oil equivalent per day, according to BG Group's annual report of the same year.
According to two industry sources and another banking source, Shell seeks to raise about $500 million from the sale.
A Shell spokeswoman declined to comment.
Shell has sold or agreed to sell more than $20 billion in assets over the past year as part of a $30 billion divestment program aimed at reducing debt following the BG acquisition.
Recommended Reading
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.