Shell completes sale of UK North Sea assets to Chrysaor

Royal Dutch Shell has completed the sale of a package of UK North Sea assets to Chrysaor for up to $3.8bn.

The price of the deal, which was announced back in January, includes an initial consideration of $3bn and a payment of up to $600m between 2018 and 2021 subject to commodity prices, with potential further payments of up to $180m for future discoveries.

The package of assets consists of Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Area, the Greater Armada cluster, Everest, Lomond and Erskine, plus a 10% stake in Schiehallion. The company said it will retain a "significant, more focused and strengthened presence" in the UK North Sea, to which it remains committed.

The oil giant said on Wednesday that 253 moved over to Chrysaor upon completion of the deal.

"Completion of this deal shows the clear momentum behind Shell’s $30bn divestment programme and is in line with Shell’s drive to simplify the upstream portfolio and re-shape the company into a world class investment."

Shell also announced in a separate statement that it has completed the sale of its entire Gabon onshore oil and gas interests to Assala Energy, a portfolio company of The Carlyle Group, for a total of $628m.