MOSCOW (MRC) -- Norske Shell, a subsidiary of Royal Dutch Shell, has divested its interests in the Draugen and Gjoa offshore fields on the Norwegian continental shelf (NCS) to oil and gas firm OKEA for Nkr4.52bn (USD526m), according to Offshore Technology.
The firm signed an agreement with OKEA in June for the sale of its stakes in the fields.
OKEA acquired Norske Shell’s 44.56% operated interest in the Draugen field (PL093) and 12% non-operated interest in the Gjoa field (PL153).
As a result of the deal, the company will assume operatorship of the Draugen field and absorb more than 153 employees from Norske Shell.
The two fields accounted for around 14% of Norske Shell’s total production last year.
Norske Shell managing director Rich Denny said: "Today’s deal completion was achieved despite a tight timeline from the Sales and Purchase Agreement in June 2018. It was made possible by good collaboration between Shell and OKEA, and with constructive dialogue with the Norwegian Authorities."
"The transaction is part of Shell’s USD30bn divestment programme and the strategy to simplify its portfolio."
Despite the sale, Norske Shell will continue to operate in Norway through its operating interests in Ormen Lange and Knarr and non-operating stake in Troll, Valemon, and Kvitebjorn.
Norske Shell will also continue to serve as the technical service provider of the Nyhamna gas processing plant.
The transaction is part of Shell’s USD30bn divestment programme and the strategy to simplify its portfolio.
Earlier this month, Shell Australia agreed to offload its interest in the Greater Sunrise natural gas fields located off the northern coast of the country.
Last month, the company reached an agreement to sell its Danish upstream interests to Norwegian Energy Company (Noreco) for USD1.9bn.
Royal Dutch Shell, commonly known as Shell, is an Anglo–Dutch multinational oil and gas company headquartered in the Netherlands and incorporated in the United Kingdom.Created by the merger of Royal Dutch Petroleum and UK-based Shell Transport & Trading, it is the fourth largest company in the world as of 2014, in terms of revenue, and one of the six oil and gas "supermajors".