Shell-ExxonMobil JV To Divest Oil and Gas Fields
Wednesday, October 24, 2007
The Nederlandse Aardolie Maatschappij joint venture between Royal Dutch Shell PLC (RDSA) and Exxon Mobil Corp. (XOM) intends to divest oil and gas fields in the Dutch part of the North Sea, following similar moves by the two companies in the neighboring U.K. offshore sector, Shell said.
In an e-mailed statement, Shell said NAM wants to market producing fields connected to the NOGAT pipeline. It added that NAM will sell its share - which it didn't specify - in the NOGAT pipeline.
NAM is 50 per cent-owned by Shell and 50 per cent by ExxonMobil.
The total daily gas production from the platforms being put up for sale amounts to some 5.4 million cubic meters per day. Oil production amounts to some 1,700 barrels per day.
Shell said in the statement that the intended sale does not imply that NAM will discontinue its North Sea operations, and that NAM continues to make substantial investments in its offshore activities.
In June, Shell and ExxonMobil put up for sale U.K. North Sea oil and gas acreage as they reduce their exposure in the depleting basin to focus on large projects in the Middle East and Africa. [Source: Dow Jones]