Shell’s North Sea deal a vote of confidence in UKCS future, Oil & Gas UK says

Buzzard platform; Image source: Nexen

Shell’s sale of a package of the UK North Sea assets to Chrysaor has been welcomed by Oil & Gas UK, a representative body of the oil and gas industry. 

Shell announced on Tuesday that Chrysaor would buy its interests in Beryl, Bressay, Buzzard, Elgin-Franklin, Erskine, Everest, the Greater Armada cluster, J Block, Lomond, plus a 10% stake in Schiehallion for up to $3.8 billion.

Welcoming the transaction, Oil & Gas UK Chief Executive, Deirdre Michie, said: “This is a very significant deal and signals a strong vote of confidence in the future of the UK Continental Shelf and the focus on maximizing economic recovery.

“With these acquisitions, Chrysaor becomes a leading independent oil and gas company in the UK and one of its largest producers on an equity basis. Maintaining a diversity of operators in the region is crucial, and we welcome Shell’s continued significant presence here as well as the arrival of new companies like Chrysaor.

“We also welcome Chrysaor’s intent to explore and invest in its new portfolio; this sends positive signals about the opportunities the UK’s offshore oil and gas basin has to offer.

“This region still has the potential to yield many more millions of barrels of hydrocarbons, helping to meet the country’s primary energy needs, secure jobs and generate wealth for the economy.

“Following on from similar deals in recent months, the new activity that this transaction could generate will be good news for the sector’s supply chain across the UK, which has been severely impacted by the downturn.”

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