Shell preparing to sell North Sea gas fields - report

Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, part of an ongoing retreat of long-time producers from the ageing basin.

Reuters cited industry sources as saying that the oil giant is planning to offer its 50% stake in a cluster of fields in the Clipper hub, as well as the Leman Alpha complex. It was understood the assets could fetch up to $1bn in total.

Reuters said a Shell spokesperson declined to comment on its plans for the fields, which both supply natural gas via a pipeline to the onshore Bacton gas processing plant in eastern England.

Shell has in recent years sold a number of stakes in ageing fields in the North Sea, including a $3.8bn package of assets to Harbour Energy in 2017.

The company owns a 50% stake in the Clipper and Leman Alpha fields which were part of a large joint venture with Exxon Mobil dating back to the 1960s. Exxon sold its British North Sea assets last year to private equity-backed Neo.