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Shell set to sell $3 billion North Sea assets to Chrysaor: sources

Published 01/27/2017, 06:53 AM
Updated 01/27/2017, 07:00 AM
© Reuters. Logos of Shell is pictured at a gas station in the western Canakkale province

LONDON (Reuters) - Royal Dutch Shell (L:RDSa) is nearing the sale of a large part of its North Sea oil and gas assets for $3 billion to a private equity-backed firm, several banking sources said.

The deal will mark a major milestone in the Anglo-Dutch company's drive to reduce its heavy debt pile following the $54 billion acquisition of BG Group in February 2016.

Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments and infrastructure in a move that could breath new life into one of the world's oldest offshore basins where production has been in a steady decline since the late 1990s.

The deal is expected to be announced in the coming days to coincide with Shell's full-year results on Feb. 2, several sources said.

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