Shell in line for BP's UK Shearwater stake: press
Shell has agreed to acquire BP's interest in the Shearwater gas field in the UK North Sea, Bloomberg reported on June 25 citing a company statement.
Tailwind Energy, a UK operator supported by trading group Mercuria Energy, reached a deal in May to buy BP's 27.5% interest in Shearwater. But Shell, as the field's operator with a 28% interest, has right of first refusal to any sale, according to Bloomberg. The Anglo-Dutch major will also gain a share of the SEAL and SILK pipelines, the news agency said.
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Shell said the move reflected its "strategy of focusing our upstream activities on fewer, existing positions to generate material returns for shareholders and to fund the growth of our new low-carbon portfolio." The deal is subject to regulatory approvals.
BP had earlier tried to sell its stake in Shearwater to Premier Oil, but Premier scrapped the deal after agreeing to merge with Chrysaor to form Harbour Energy.