Deals

Shell Sells $4.7 Billion of Fields as Disposals Accelerate

North Sea assets sold to Chrysaor for up to $3.8 billion
Kuwait Petroleum buys Thai gas field stake for $900 million

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By Rakteem Katakey, Andy Hoffman, and Angelina Rascouet

January 31, 2017 at 7:27 AM UTC

Updated on

January 31, 2017 at 10:51 AM UTC

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Royal Dutch Shell Plc, looking to pare debt swollen by last year’s acquisition of BG Group Plc, accelerated its drive to shed assets on Tuesday by agreeing to the sale of fields in the North Sea and Thailand for as much as $4.7 billion.

The disposals include the sale of about half the company’s North Sea oil and gas assets for as much as $3.8 billion to Chrysaor Holdings Ltd., Shell said. Earlier Tuesday, Europe’s largest oil producer agreed to sell its stake in an offshore Thai gas field to a unit of Kuwait Petroleum Corp. for $900 million.