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Exxon Mobil (NYSE:XOM) and Shell (NYSE:SHEL) have hired Jefferies to launch a sale process of a large package of offshore natural gas assets in the southern U.K. and Dutch North Sea that could raise more than $2B, Reuters reported Tuesday.
Exxon (XOM) and Shell (SHEL) reportedly initiated the sale of their 50-50% NAM joint venture in the Netherlands, operator of the Groningen gas field, and they also are trying to sell their stakes in their British southern North Sea gas hub, which include the Clipper Leman Alpha hubs as well as the Bacton terminal in eastern England.
The sale of the southern North Sea and the offshore NAM assets are believed to be separate sale processes, allowing for a single or multiple buyers, according to the report.
The sales are part of the two companies’ attempt to dispose of older oil and gas assets to help cut costs and focus on newer, larger projects around the world.
“Contrary to popular opinion, it looks like a good time to sell Shell, despite its attractive valuation,” Manika Premsingh writes in a bearish analysis posted recently on Seeking Alpha.
