Shell to sell assets in Western Australia for $1.1B

|By:, SA News Editor

Shell (RDS.A) has agreed to sell holdings in natural-gas projects in Western Australia to the Kuwait Foreign Petroleum Exploration Company for $1.135B.

Shell is divesting an 8% interest in the Wheatstone and Iago gas fields and a 6.4% stake in the related Wheatstone liquefied natural gas project.

The transactions are part of Shell's efforts to improve "capital efficiency," and come after the company said last year that it would "significantly" increase asset sales in 2014 and 2015.

The deals also follow Shell issuing a profit warning last week. (PR)