Supermajor Shell is reportedly considering putting up for sale assets from its $3 billion Norwegian portfolio in the latest divestment programme move following the merger with BG Group.

The Anglo-Dutch player launched a programme to reduce its debt after the BG takeover, and announced it is targeting the sale of around $30 billion worth of assets over the next three years from its combined portfolio as it plans to exit around 10 countries.

The operator has previously said it is seeking to sell a large package of its North Sea assets, from both the UK and Norwegian North Sea.

Shell has now lined up investment bank Rothschild to conduct a review of its Norwegian unit, the Sunday Times reported.

According to the report, the group is considering selling off part or all of its Norwegian business that includes four operated fields - Ormen Lange and Draugen in the Norwegian Sea, and Knarr and Gaupe in the North Sea - and stakes in other production licences.

It is also carrying out an expansion of its operated Nyhamna gas processing plant to receive exports via the Polarled pipeline from Statoil's under-development Aasta Hansteen field, as well as Ormen Lange.

Shell declined to comment on the reports.

Last month, Shell said it had put 16 assets on the market with each asset worth an average of $500 million - making a total of some $8 billion, however, no details on the projects were given at the time.

Shell’s chief financial officer Simon Henry said earlier this month that the group’s UK North Sea portfolio is seeing “improvements”, and that “performance is beginning to look considerably better”.

Henry did not rule out selling assets in this region, saying that, while it is cash generative, “it is not the most profitable asset in the portfolio”.

Media reports in recent months have linked chemical giant Ineos, Denmark’s Maersk Oil and private-equity backed Siccar Point with the sales process. However, Siccar Point last week agreed to take the UK subsidiary of Austrian player OMV for up to $1 billion.

Online

Shell ‘to sell Norwegian assets’