Shell sells US shale gas assets for $541 million

Shell has reached a deal with US firm National Fuel Gas Company to sell its Appalachia shale gas position.

The Hague-based LNG giant Shell will sell the assets via its unit SWEPI for $541 million.

The deal includes about 350 producing Marcellus and Utica wells across about 450,000 net leasehold acres in Pennsylvania.

The current net production of the assets is about 250 million standard cubic feet per day.

The transaction also includes the transfer of the Shell owned and operated midstream infrastructure.

Shell says the transaction is part of divesting non-core assets. It is in line with the company’s shales strategy which focusses on development of higher margin, light tight oil assets.

“While we maximize cash in the current environment, our drive for a competitive position in shales continues,” Shell’s upstream director, Wael Sawan, said.

He added that shale is a core part of Shell’s upstream portfolio along with the deep water and conventional oil and gas businesses.

Most Popular

Hudong-Zhonghua launches LNG carrier

Chinese shipbuilder Hudong-Zhonghua has launched one 174,000-cbm liquefied natural gas (LNG) carrier it is building for NYK and CNOOC.

Woodside names Sarah Bairstow as Louisiana LNG head

Australian LNG player Woodside has appointed Sarah Bairstow to lead its Louisiana LNG project.

QatarEnergy LNG carrier named in China

China’s Hudong-Zhonghua hosted a naming ceremony for one 174,000-cbm liquefied natural gas (LNG) carrier built as part of the massive QatarEnergy shipbuilding program.

More News Like This

Venture Global launches Calcasieu Pass LNG commercial ops

US LNG exporter Venture Global LNG has launched commercial operations at its Calcasieu Pass LNG terminal in Louisiana, some 68 months from its final investment decision and 38 months after production start.

YPF expects more supermajors to join Argentina LNG project, CEO says

Argentina’s state-owned oil and gas company YPF expects more supermajors to become equity partners in the planned Argentina LNG project following a deal with Shell, according to CEO Horacio Marin.

Shell expects Q1 LNG trading results to be in line compared to previous quarter

LNG giant Shell expects trading and optimization results for its integrated gas business in the first quarter of this year to be in line compared with the fourth quarter of last year.

Peru LNG terminal sent five shipments in March

Peru LNG’s liquefaction plant at Pampa Melchorita has shipped five liquefied natural gas cargoes in March, one more than in the previous month.