Shell, ExxonMobil to Put North Sea Assets on the Market

Shell U.K. Limited and Esso Exploration and Production UK Limited plan to market their equity interests in a number of Northern North Sea assets. These assets include operated interests in Cormorant Alpha, Cormorant North, Tern, Eider, Kestrel and Pelican and non-operated interests in Otter and Hudson, as well as an operated interest in the associated oil evacuation system. Interests will include acreage, production licenses and associated infrastructure in Quadrants 210 and 211. The assets will be offered to the market on an open, competitive basis.

Both companies can also confirm that they are in negotiation with Fairfield Energy for the sale of their interests in the Dunlin cluster (Dunlin, Dunlin South West, Osprey and Merlin). Interests will include production licenses and associated infrastructure in Quadrant 211. The deal is subject to completion of a final Sales and Purchase Agreement and the fulfillment of a number of conditions, including Government consent and co-venturer approval.

Shell has also initiated the marketing of its interest in the Strathspey field (block 4/4a), a non-operated sub-sea oil and gas development tied back to the Ninian platform in the Northern North Sea.

Tom Botts, Executive Vice President, Shell Exploration & Production in Europe, said: "Active management of our assets is not new, and is a key part of Shell's portfolio-based strategy. These are relatively high-cost assets within our European portfolio, where other operators might be better placed to add value. At Shell, we are committed to focus on where we can best use our people, capital and technologies, for competitive long-term returns, and on a global basis."

"Shell remains committed to Europe and the North Sea as a core business area and holds a key strategic position in security of energy supply to the UK."

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