Various bits and pieces of the media have reported on the 140% increase in profit claimed by Shell this week. Shell’s financial chief, Jessica Uhl, said the North Sea remains important even though streamlining in future will leave the company with less of a presence in the area.
Since writing this , as of today, it looks like the deal has gone through. Click here.
This follows the January sale of half its UK production assets to to Chrysaor for upwards of $3 billion. According to the Chrysaor website the deal has not quite been finalised but looks on course to make this independent player one of the biggest in the UK.
Of course that is not necessarily great news for the return of the jobs lost. When the deal was announce Phil Kirk, Chrysaor chief executive said:
‘Chrysaor is acquiring a high quality package of assets which combine low cost production, a substantial reserves and resources base with strong cash flows and a highly competent and skilled workforce. These assets, combined with our own experience and the outstanding team who will transfer from Shell, provide an excellent platform for change and growth in the North Sea.’