Shell completes transaction for offshore Norway fields

A/S Norske Shell has completed the sale of its interests in the Draugen and Gjøa fields offshore Norway to OKEA for NOK4.52 billion (US$526 million).

These comprised a 44.56% operated stake in Draugen and 12% (non-operated) in Gjøa, collectively comprising 14% of A/S Norske Shell’s production in 2017.

As part of the transaction 153 staff will transfer to OKEA.

“Today’s deal completion…was made possible by good collaboration between Shell and OKEA and with constructive dialogue with the Norwegian authorities,” said Rich Denny, managing director of A/S Norske Shell.

Shell stressed it remained committed to Norway, where it is operator of the Ormen Lange and Knarr fields and a partner in Troll, Valemon, and Kvitebjørn.

It is also technical service provider at the Nyhamna gas processing plant which receives Ormen Lange’s gas, and in the Norwegian Full Scale CCS (carbon capture and storage) project Northern Lights and the CCS test facility at Mongstad.

Source: Offshore Magazine