FT: Blackstone nears $1.2bn deal for Shell gas stake

Royal Dutch Shell is preparing to dispose of its 50 per cent stake in a Louisiana gasfield to Blackstone for $1.2bn, as the oil and gas group retreats from one of its souring investments in North America.

A person familiar with the situation said Blackstone, the private equity group, is set to acquire Shell’s stake in the Haynesville Shale formation, that rests under large parts of Arkansas, Louisiana and Texas, as soon as this week.

The person cautioned that deal talks could still fall apart. However, a deal would mark the latest sign of private equity groups seeking to swoop in and take advantage of struggling investments in gasfields.

Shell owns a 50 per cent stake in the Haynesville formation with the other half owned by Encana, the North American energy producer.
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