Anglo-Dutch oil and gas company Shell is seeking a buyer for its stake in a disputed oil field off the Shetland Islands, northeast of Scotland. In this respect writer Guard.
Oil company Shell still owns a 30% stake in the Cambo oil field, but has recently expressed a desire to sell its stake amid widespread protests from environmental activists.
Shell’s head of UK exploration and production, Simon Roddy, said the company has struck a deal with Cambo’s majority owner, Ithaca Energy, to sell its stake. In addition, if there is a buyer who wants to buy less than 30%, the remaining share will be sold to Ithaca Energy. If the buyer requests more than 30%, Ithaca Energy can add 19.99% to create a 50% working share.
Ithaca CEO Alan Bruce said that Shell’s decision is an important step towards the development of the Kambo field. In the future, this asset will help protect the UK’s energy security.
At the end of February, the Financial Times, citing sources WroteShell management is considering relocating its headquarters to the United States. CEO Wael Savan was concerned about the company’s lack of capitalization, which lags far behind its main American rivals ExxonMobil and Chevron in this indicator.