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Reuters: Shell seeking sale of Danish venture stake

Feb. 06, 2017 8:22 AM ETShell plc (SHEL) StockCVX, SHELBy: Carl Surran, SA News Editor5 Comments
  • Royal Dutch Shell (RDS.A, RDS.B) is looking to sell its stake in the Danish Underground Consortium oil and gas joint venture for as much as $1B, in what would mark the company's effective exit from Denmark, Reuters reports.
  • The consortium, which started production in 1972, currently operates 16 fields and in 2014 produced 51M barrels of oil - or ~140K bbl/day - and 4B cm of gas, but Shell has been selling assets to cut debt following its $54B acquisition of BG Group a year ago.
  • Shell owns a 36.8% stake in DUC alongside operator A.P. Moller-Maersk, which has 31.2%, while Chevron (NYSE:CVX) holds 12% and Danish state-run Nordsøfonden owns 20%.

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