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  • Shell completes sale of Draugen and Gjoa unterests to OKEA
    édité le 30/11/2018 - Plus de news de "SHELL" - Voir la fiche entreprise de "SHELL"


Shell completes sale of Draugen and Gjoa unterests to OKEA
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.

* The transaction is NOK denominated and all USD figures are based on a NOK/USD exchange rate of 8.59 (updated with FX exchange rate changes since the announcement in June). All amounts have been rounded.

The transaction comprises three key elements:

- Cash consideration of US$526 million* (NOK 4,520 million), as per exchange rate Nov 26.
- A future payment by Shell to OKEA of US$43 million* (NOK 375 million) subject to CPI indexation upon OKEA completing the decommissioning of the assets; and
- Shell retaining 80% of the decommissioning liability of the two assets up to an after-tax cap of US$ 74 million (NOK 638 million) subject to CPI indexation.

The amounts in items (2) and (3) are undiscounted.

About Royal Dutch Shell plc

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

About OKEA AS

OKEA is a pure Norwegian oil and gas production and development company located in Trondheim and established in June 2015. Since then OKEA has built a strong organization with a team of experienced people with the ability to innovate. OKEA shall contribute to the value creation on the Norwegian Continental Shelf, with cost effective development and operation systems.


Origine : Communiqué SHELL

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