Shell sells large Texas oil field for $9.5 billion

Shell sells large Texas oil field for $9.5 billion

Shell has sold its stake in one of the largest oil fields in the United States. The oil and gas company announced this on Monday evening. The American oil group ConocoPhillips is taking over Shell’s share in the Permian Basin shale oil field in Texas for 9.5 billion dollars (8.1 billion euros).

The decision can be seen as the first reaction to the judgment of the Hague court earlier this year. He ordered Shell to reduce CO₂ emissions faster than previously planned: by 45 percent by 2030. At the beginning of 2020, before the ruling, Shell announced that it had plans to increase investment in shale oil fields worldwide. At the time, the company planned to invest $3 billion in the Permian Basin over five years.

Earlier this year it was announced that Shell may be looking for buyers for the 100,000 hectares it manages in the Permian Basin, in part with oil and gas company Occidental Petroleum. Shell has been active in the field since 2012, which accounts for about 175,000 barrels of oil per day – about 6 percent of the Anglo-Dutch company’s global oil production. The Permian Basin produces a total of about 4.5 million barrels of oil per day, 40 percent of total US oil production.

Also read: Shell must also comply with the Paris Agreement from a judge

Shell sells large Texas oil field for $9.5 billion
Source link Shell sells large Texas oil field for $9.5 billion

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