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11.04.2019

Shell sells its stake in Gulf of Mexico field

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Royal Dutch Shell has agreed to sell its stake in the Caesar-Tonga field in the Gulf of Mexico for $965 million in cash to a subsidiary of Israel's Delek Group. Company unit Shell Offshore will sell its 22.45 percent non-operated interest in a deal.

The group also exits a Baltic LNG project led by Gazprom

Stocks impacted: Royal Dutch Shell (RDSA)

The transaction, which is subject to certain conditions, is likely to close by the end of the third quarter of the year, with an effective date of January 1. Also, Shell decided to exit a Baltic liquefied natural gas project led by Gazprom on the Russian Baltic coast. The decision came after the Kremlin-backed energy major’s move toward the full integration of its Baltic LNG and gas processing plants. Shell’s share price has been little change in London in today’s session, having inched 0.35%.

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