Shell to take "good look" at North Sea assets amid Brexit uncertainty

Due to continued low oil prices Royal Dutch Shell is taking a “good look” at its assets in the North Sea as it warns against Brexit uncertainty.

Shell chief executive Ben van Beurden told BBC News on Friday that he would "have to take a good look at the more mature assets in the North Sea".

He said he would have to consider selling older fields, decommission others or invest in the North Sea.

"Some of them are in decommissioning mode, like Brent. Some of them are very late in their life, maybe therefore better owned by companies that can run that kind of business better and more efficiently than we can.

"And in other cases, we'll probably have to reconsider reinvesting in it, or maybe giving them another lease of life."

The company pays one of the highest dividends in the UK of $15bn and Van Beurden maintained that it was “safe and secure”.

Van Beurden was also concerned about the result of EU referendum and post-Brexit economic policies in Europe.

“The outcome of the EU referendum has created uncertainty. It’s crucial that the European governments keep a steady hand on the tiller of the economy in these unprecedented, unpredictable circumstances,” he said to Herald Scotland.

“Shell has always been clear about the benefits of the single market and free movement of people, both to the UK and the EU as a whole. I hope that the future relationship between the UK and the rest of Europe will continue to provide the right conditions for economic growth.”

He said nothing immediate will happen after Brexit to Shell, and it would continue its $4bn investment till 2018.

Commenting on Scotland’s position after Brexit, a spokesperson for Shell said: “Our preference for Scotland to remain part of the UK stands.”

North Sea Brent crude oil fell below $28 per barrel in January. Today it is around $50 a barrel, which is well below its June 2014 high of $115 a barrel.

Last year the Anglo-Dutch oil company said it would sell $30bn worth of assets as it seeks to divest its global assets in about 10 countries. Around 1,000 jobs have been cut from Shell.

Looking towards the natural gas market Shell bought BG Group in January for $49bn.

Shares in Royal Dutch Shell rose 0.56% to 2,059p at 1405 BST.