Norske Shell completes $526m sale of stakes in NCS fields to OKEA

04/12/2018 09:20 Oil Market


Royal Dutch Shell’s subsidiary Norske Shell has completed its previously announced NOK4.52bn ($526m) sale of its stakes in the Draugen and Gjøa fields located offshore Norway to OKEA.

In the Draugen field, Norske Shell held an operated stake of 44.56% and in the Gjøa field owned a stake of 12%, prior to the transaction with the Norwegian company.


The stakes in the two fields located on the Norwegian Continental Shelf (NCS) represented around 14% of the company’s total production in 2017. Along with the stakes, Norske Shell also agreed to transfer 153 of its staff to OKEA.


In June, Shell had entered into the deal with the Norwegian oil and gas production and development company, as part of its global $30bn divestment program.


Shell said that it will continue to be committed to Norway. As part of it, it will continue to take part in the Ormen Lange and Knarr fields as an operator apart from taking part in the Troll, Valemon and Kvitebjørn fields.


Discovered in 1984, the Draugen field is contained in water depths of 250m in the Norwegian Sea, 150km north off the coast of Kristiansund.


Norway's Equinor aims to start oil exploration off Australia in 2020

19/02/2019 09:17:00

Norway’s Equinor SA on Tuesday said it plans to explore for oil in deep waters off the coast of South Australia in late 2020 and released a draft environmental assessment for the project to head off community protests.


Ukraine's DTEK RES to add 500 MW of renewables in 2019

19/02/2019 09:14:00

Ukrainian renewables company DTEK RES expects to commission 500 MW of wind and solar power generating capacity in 2019 and to have a total of 1 GW the following year.


Turkey to invest $23 million for TurkStream in 2019

19/02/2019 09:10:00

Turkey plans to invest 122 million Turkish Liras in 2019, equivalent to around $23 million, for the land section on Turkish soil of the TurkStream natural gas pipeline, according to the government's 2019 investment plan released on Monday.