The firm has recently launched the auction process for its Auger production hub and stake in the Conger field.

Shell is planning to divest its stakes in two oil and gas development projects located in the US Gulf of Mexico for as much as $1.5bn, Reuters reported, citing people familiar with the development.

Around $900 billion in digital transformation spending was wasted in 2018 by poorly designed programs, a mistake that companies reeling from the pandemic cannot afford to make. Digital transformation is taking off at speed, with businesses needing global connectivity, software powered by artificial intelligence and machine learning, and other tools that ensure efficient management of processes as we emerge from the pandemic.

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The firm is looking for a potential buyer for its Auger production hub, as well as for its 37.5% stake in the Conger field.

The two fields have a combined production output of approximately 50,000 barrels per day.

As part of the divestment plan, Shell has also appointed an undisclosed investment bank to run an auction process, which was launched in recent weeks, according to three sources.

By offloading some aging assets, Shell intends to focus on newer and larger fields including the Whale deep-water development in the US Gulf of Mexico.

Scheduled to start production in 2024, the Whale project is expected to have a peak production capacity of approximately 100,000 barrels of oil equivalent per day. It has an estimated recoverable resource volume of 490 million barrels of oil equivalent.

Despite this, the sources said that there is no certainty that Shell would sign a deal for the sale of these assets.

Earlier this year, the news agency reported that Shell is considering divesting stakes in two clusters of gas fields in the southern UK North Sea.

In a separate development, ConocoPhillips is considering the sale of its stake in the Ursa oil and gas project and the nearby Princess subsea well (together called the Ursa/Princess development) in the US Gulf of Mexico, reported Reuters, citing people familiar with the matter.

If materialised, the sale would mark the firm’s exit from deepwater oil and gas production from the US Gulf coast.

ConocoPhillips has also engaged a financial adviser to divest its 15.9% stake in the project.

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Around $900 billion in digital transformation spending was wasted in 2018 by poorly designed programs, a mistake that companies reeling from the pandemic cannot afford to make. Digital transformation is taking off at speed, with businesses needing global connectivity, software powered by artificial intelligence and machine learning, and other tools that ensure efficient management of processes as we emerge from the pandemic.

In this whitepaper, Hitachi provides a framework for scaling digital, what it involves, practical advice, tips and tricks, and explains how to become a data-driven organization. By 2023, more than 33% of large organizations will have analysis practising decision intelligence, including decision modelling. Will you be one of them? Download the whitepaper now.Around $900 billion in digital transformation spending was wasted in 2018 by poorly designed programs, a mistake that companies reeling from the pandemic cannot afford to make. Digital transformation is taking off at speed, with businesses needing global connectivity, software powered by artificial intelligence and machine learning, and other tools that ensure efficient management of processes as we emerge from the pandemic.

In this whitepaper, Hitachi provides a framework for scaling digital, what it involves, practical advice, tips and tricks, and explains how to become a data-driven organization. By 2023, more than 33% of large organizations will have analysis practising decision intelligence, including decision modelling. Will you be one of them? Download the whitepaper now.

Please enter a work/business email address

By clicking the Download Free Whitepaper button, you accept the terms and conditions and acknowledge that your data will be used as described in the Hitachi privacy policy

By downloading this Whitepaper, you acknowledge that we may share your information with our white paper partners/sponsors who may contact you directly with information on their products and services. Visit our privacy policy for more information about our services, how we may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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