FT: Shell to sell $15B of assets, including some North Sea fields

|By:, SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) wants to sell some of its North Sea oil fields as part of a $15B divestment program over the next two years, FT reports.

Shell reportedly would divest mature upstream assets in the North Sea and elsewhere, more of its refining portfolio and some projects that have not yet reached final investment decision.

Analysts believe some of Shell's Nigerian oil blocks plus a 23.1% stake in Woodside Petroleum (WOPEF, WOPEY) - worth more than $6B at current prices - could be put on the block, Reuters reports.

"In the North Sea, something like 80% of [Shell's] production comes from 20% of its asset base, so there's a long tail of smaller positions," Santander's Jason Kenney says, adding that he expects Shell under new CEO Ben Van Beurden to focus on capital discipline, better returns and selling peripheral assets.