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

Internet Explorer Channel Network
News Related

OTHER NEWS

Toy maker Hasbro suffered from distribution problems

Photo: ANP US toy maker Hasbro, known for example for Monopoly, Transformers, Play-Doh and My Little Pony, suffered some problems in the worldwide distribution in the third quarter due to ... Read more »

$2.35 billion tidal lagoon project with underwater turbines planned for UK

Plans for a £1.7 billion ($2.35 billion) project in the U.K. incorporating technologies including underwater turbines, floating solar power and battery storage have been announced, with those behind the development ... Read more »

Harsh winter in Europe may lead to further gas price growth — Wintershall Dea

On Tuesday, gas prices in Europe hit $1,090 per 1,000 cubic meters Read more »

Smart World Developers to invest Rs 3,000 cr in two low-rise projects in Gurgaon

Real estate firm Smart World Developers plans to invest close to Rs 3,000 crore for two residential projects spread across 6 mn sq ft in Gurugram. In the long-term, the ... Read more »

Rakesh Jhunjhunwala-backed Akasa Air to finalise aircraft type by November

Ace investor Rakesh Jhunjhunwala-backed Akasa Air is likely to finalise its aircraft type by next month, CNBC-TV18 reported. It is in talks with lessors for Boeing Max Aircraft and with ... Read more »

Cipla Q2 Result | Profit comes in at Rs 711 crore, revenue at Rs 5,520 crore

Indian pharmaceutical major, Cipla Limited, has declared its results for the 2nd quarter ending September 30, 2021. It has reported a consolidated profit after tax of Rs 711 crore for the quarter, increasing from ... Read more »

DNB definitively loses GSFS pension fund case

On Tuesday, the Trade and Industry Appeals Tribunal (CBb) definitively canceled the fines that DNB had imposed on both the asset manager and the pension fund and the four directors ... Read more »

UOB, Fave team up to offer largest rewards programme in Singapore

SINGAPORE – UOB Bank is partnering smart payment fintech platform Fave to launch a new rewards programme, the bank’s first initiative under its new unified digital platform, UOB TMRW. The ... Read more »

Elon Musk attacks Biden's unrealized gains tax — as his wealth soars

Elon Musk, whose wealth is almost entirely based on his ownership of stock in his companies, would be particularly vulnerable to the tax plan. Win McNamee/Getty Images Tesla CEO Elon ... Read more »

Parent company DAF makes thousands less trucks due to chip shortage

Photo: ANP Truck manufacturer Paccar, the parent company of DAF, is feeling the worldwide chip shortages. As a result, the company delivered about 7,000 fewer trucks in the quarter than ... Read more »

Peloton or the gym? More people are choosing both. What that means for the fitness industry

Megan Thompson works out on her exercise bike at home in New York City.Michael Loccisano | Getty Images Julia Yuryev still hasn't caved and purchased a Peloton Bike, but the ... Read more »

NAM and is close to legal battle over account ‘Groningen'

The conflict between the Nederlandse Aardolie Maatschappij (NAM) and the government over the payment of the reinforcement operation in Groningen is increasing. The NAM does not want to pay more ... Read more »

Indian Hotels hopes to wipe out Rs 3,571 crore debt in 18 months

The Indian Hotels Company Ltd., the country’s second-largest hotel chain that’s promoted by the Tata Group, hopes to pay off all its debt by April 2023 as it emerges from ... Read more »

NTSB head criticizes Tesla's self-driving features, calls them 'misleading'

The head of the U.S. National Transportation Safety Board on Tuesday doubled down on criticisms of Tesla's driver-assist systems following several fatal crashes in recent years, calling the company's use ... Read more »

RBI imposes monetary penalty on two cooperative banks

The Reserve Bank of India on Friday kept key policy rates unchanged and also retained its accommodative stance. This means that existing and new borrowers will continue to enjoy benign ... Read more »

Simply Save | Opted for the new tax regime? Know the nitty-gritties of filing tax returns this year

The return-filing season is in full swing, with the extended due date – December 31 – just two months away. This year, the most important change in the income tax ... Read more »

Central Bank of India Q2 net profit jumps 55% to Rs 250 crore

Public sector Central Bank of India on Tuesday reported an over 55 percent jump in net profit at Rs 250 crore for the quarter ended September. The lender had posted ... Read more »

Bajaj Finance Q2 results | Profit jumps 53.5% to Rs 1,481 crore, assets under management grow 22%

Leading non-banking finance company Bajaj Finance has clocked a 53.5 percent year-on-year growth in consolidated profit at Rs 1,481 crore in September 2021 quarter following lower provisions and improvement in ... Read more »

Poultry farmers told to keep chickens indoors because of bird flu outbreak

All poultry farmers in the Netherlands have been ordered to keep their birds inside, following an outbreak of the highly contagious bird flu strain at an organic poultry farm in ... Read more »

Russia to introduce zero import duties on cocoa products on constant basis

A respective instruction was made by Russian PM Mikhail Mishustin Read more »

Dave Chappelle's documentary being pulled by distributors amid controversy

Comedian Dave Chappelle has been slammed for declaring in his special that “gender is a fact” and identified himself as a “TERF,” or “trans-exclusionary radical feminist.” ALEX EDELMAN/AFP via Getty ... Read more »

Top five Indian IT firms added 1.7 lakh employees between January and September 2021

Most of the IT firms have revised their fresher hiring targets for the year given the sustained demand. (Representative image) Top five IT services companies – TCS, Infosys, HCL Tech, ... Read more »

Saudi Aramco: More investment needed in oil production

Photo: ANP The CEO of the Saudi state oil group Saudi Aramco believes that more should be invested in oil production because the production capacity in the world is declining. ... Read more »

No agreement between EU energy ministers on new measures

Photo: ANP EU countries remain divided on how to tackle the energy crisis. The energy ministers failed to agree on new measures in the short term during a scheduled meeting ... Read more »

AI Code of Ethics will help eliminate risks linked with use of AI — Infowatch

The Code establishes general ethical principles and standards of conduct to guide those involved in activities using artificial intelligence Read more »

GE lifts 2021 earnings forecast, flags 'challenging operating environment'

The General Electric Co. logo is seen on the company's corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019Alwyn Scott | Reuters General Electric announced an upward revision to ... Read more »

Independent content creators ‘underpaid', ‘overworked' and close to burnout: Report

Independent content creators–those who have tens of thousands of subscribers on online channels–are stressed and under-compensated, going by the largest survey of creators ever done. This when social-media platforms seem ... Read more »

Why U.S. gasoline prices vary so much from state to state

As gas prices climb to seven-year highs in America, drivers in some states are hit much harder than those in others. The average gas price in the U.S. was $3.378 ... Read more »

Verizon partners with Amazon to use Project Kuiper satellite internet for rural broadband

INDIA – 2019/08/30: In this photo illustration a popular wireless communication application Verizon logo seen displayed on a smartphone. (Photo Illustration byAvishek Das | SOPA Images | LightRocket | Getty ... Read more »

Digitization continues, but SMEs lag behind

The digitization of companies in the Netherlands has accelerated since the corona crisis. According to figures from Statistics Netherlands, in 2019 we were already the fourth ‘most advanced digital economy’ ... Read more »

Promoter IDFC writes to IDFC First Bank on unlocking value for shareholders

IDFC Financial Holding Company, a subsidiary of IDFC Ltd, has triggered a conversation with IDFC First Bank on its eventual exit from the promoter position after the expiry of the ... Read more »

IRB Infra to raise Rs 5,347 crore from GIC & Spain's Cintra; deleveraging & growth capital deal drivers

Representative Image (Source: ShutterStock) IRB Infrastructure Developers Limited has struck two separate equity fundraises through preferential allotments to Cintra, an arm of Spanish infrastructure major Ferrovial and Singapore’s GIC, the ... Read more »

Subscribe to FSN E-Commerce Ventures: Prabhudas Lilladher

Prabhudas Lilladher IPO report on FSN E-Commerce Ventures We recommend Subscribe Rating to IPO of FSN E-Commerce Ventures which operates Nykaa, India’s largest Omni channel play across Beauty and Fashion ... Read more »

Raffles Education responds to RegCo queries on annual report, as Oei Hong Leong dumps his shares

SINGAPORE (THE BUSINESS TIMES) – Billionaire Oei Hong Leong has cut his stake in Raffles Education Corp (REC) to less than 1 per cent after dumping around 90 million shares ... Read more »

ABP stops investing in fossil fuel producers

”We are withdrawing from investments in fossil fuel producers (oil, gas and coal). The board of ABP has decided this after recently published climate reports. There is a lot of ... Read more »

Buying gas from third countries will cost Moldova more than from Russia, says Kremlin

According to Russian presidential spokesman Dmitry Peskov, work is underway to agree on the terms of the contract between Moldova and Gazprom Read more »

Subscribe to FSN E-Commerce Ventures: Hem Securities

Representative image Hem Securities IPO report on FSN E-Commerce Ventures FSN E-Commerce Ltd have a diverse portfolio of beauty, personal care and fashion products, including its owned brand products manufactured ... Read more »

IKEA buys former Topshop store in London's Oxford Circus

IKEA's strategy has recently shifted from occupying large warehouse-like outlets on town and city outskirts to using inner-city properties to cater to changing shopper behaviour and increasing urbanisation. Read more »

Axis Bank Q2 profit jumps 86% to Rs 3,133 crore on significant fall in provisions

Axis Bank Private sector lender Axis Bank on October 26 reported a healthy 86.2 percent year-on-year (YoY) growth in standalone profit at Rs 3,133.32 crore for the quarter ended September ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic