EU Clears Chrysaor Deal

The European Commission June 16 cleared the divestment by Shell of its UK northern North Sea upstream business to Chrysaor, part of US private equity group EIG Global Energy Partners, noting that its view that “would raise no competition concerns given the very limited overlap between the companies' activities and the presence of strong competitors.”

Shell announced January 31 the sale of the mostly former BG, mainly gas, UK North Sea assets to UK-based Chrysaor for up to $3.8bn, including an initial sum of $3bn and a payment of up to $600m between 2018-2021 subject to commodity price, with potential further payments of up to $180m for future finds. Completion at the time of the deal was scheduled for the second half of this year.

 (Credit: Chrysaor)

Mark Smedley