NLNG Corporate Teamwork banner First bank FinTech summit Fidelity bank card banner Emerald Energy Institute Camano banner

Shell rakes in $425 million cash from assets deal

By News Express on 31/08/2016

Gmail icon

Views: 1,683


In a deal that included $425 million in cash, Royal Dutch Shell said it sold off its entire stake in assets held in the U.S. waters of the Gulf of Mexico.

Shell said the sale of the 100 percent stake of three blocks known collectively as the Brutus/Glider assets to EnVen Energy Corp. was in line with the company’s divestment strategy. In July, the company’s chief executive officer, Ben van Buerden, said “significant and lasting changes” were underway as lower crude oil prices continued to present problems for the industry.

Moving through the year after its mega-merger with British energy company BG Group, the company reported its net income during the second quarter fell more than 70 percent to $1.18 billion. Shell this year has moved away from other North American projects apart from the Gulf of Mexico decision, saying in July that capital constraints were in part behind a decision to delay a final investment decision for a gas export facility in Canada.

This year, the company said it was leaving oil and gas operations in as many as 10 countries, while focusing more heavily on gas-rich Australia and shale opportunities in the United States.

Shell said it maintained a strong portfolio of assets in the Gulf of Mexico and plans are to increase output from established reservoirs. The Brutus/Glider assets combine for about 25,000 barrels of oil equivalent in production per day, or less than 5 percent of its total output.

Shell this year closed down production briefly after observing sheen in the region. More than 2,000 barrels of oil were released into the U.S. waters of the Gulf of Mexico about 97 miles from the southern tip of Louisiana from operations the company’s Glider oil field. (UPI)

 

 

Source News Express

Posted 31/08/2016 05:41:01 AM

 

 

CLASSIFIED ADS

 

You may also like...
President praises govt official who canned school children...

Nigerian economy grows at fastest pace in two...

Police to partner NPP to strengthen community policing...

Attention EFCC: FRAUD IN IMO SPEAKER’S OFFICE (Plus:...

Veteran journalist Mahmoon Baba-Ahmed dies after brief illness...

ISOPADEC, Imo Poly to partner on agriculture

Concerns over Southeast Governors’ indifference in zone’s development...

Lagos Police Command gets new spokesman

Between Ambode and Lagos Landlords

Buratai commissions Army Unit in Daura

Troops trap terrorists during night ambush, foil bombing...

DISASTER LOOMS IN ANAMBRA, ENUGU —Ekwunife raises the...

 

Latest News Panic as lion escapes from Kano zoo Kidnappers seize Area Commander, demand N50m ransom Impeachment: Suspense in Kogi as judges avoid swearing in of new Deputy Governor How we were sexually abused in illegal Kaduna rehab centre — Victim SERAP demands probe of Senate, MDAs over employment slots scandal Nigeria’s oldest ex-prisoner dies 134 days after release Government summons fuel marketers over oil spillages on roads Alleged N259m Debt: Firm moves to wind up Aiteo Onitsha Inferno: I’m shocked that people paid to do a job abandoned it — Ohanaeze President-General •Ifeanyi Ubah raises traders’ hope Top Senate Republican Sees Trump’s impeachment trial as inevitable We are hungry, Nigerians cry out •Fault Agriculture Minister Unity school teachers lament hardship over salary arrears

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (551,983 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,775 views) Shameless Genevieve Nnaji exposes breasts in public (395,424 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (331,048 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (299,358 views) 10 cars more expensive than Jets (265,721 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,308 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,665 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (235,175 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (221,308 views) Lagos plane crash: Journalist releases victims’ names (198,788 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,959 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,500) Business Verdict (85) Columnists (1,131) Complaints & Requests (96) Enterprise & Opportunities (218) Entertainment (692) Features (835) Global Business Monitor (468) ICT Monitor (66) International (4,096) Interview (204) Live Commentary (30) Love Matters (174) Maggie's Blog (452) News (52,869) Opinion (1,399) Pidgin (17) Politics (11,589) Religion (1,112) Sports (2,197) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera