Shell Completes $1.9B SOGU Shares Sale
Through its affiliate Shell Overseas Holdings Limited, Royal Dutch Shell plc has completed the sale of its shares in Shell Olie-og Gasudvinding Danmark B.V. (SOGU) to Norwegian Energy Company ASA (Noreco) for a consideration amount of $1.9 billion.
Completion of the sale follows receipt of regulatory approval by the Danish authority. The transaction’s effective date is January 1, 2017. Shell retains its downstream presence in Denmark through A/S Dansk Shell, which includes the Fredericia refinery.
Shell announced in October 2018 that it had reached an agreement with Noreco to sell its shares in SOGU for a consideration amount of $1.9 billion.
In a company statement released at the time, Andy Brown, Shell’s upstream director, highlighted that the announcement was consistent with Shell’s strategy to “simplify” its portfolio through a $30 billion divestment program.
Last month, Shell completed the sale of a 22.45 percent non-operated interest in the Caesar-Tonga asset in the U.S. Gulf of Mexico to Equinor Gulf of Mexico LLC for a total cash consideration of $965 million.
In December last year, Shell completed the sale of its shares in Shell entities in New Zealand to OMV for $578 million and in November 2018 Shell wrapped up sales deals worth up to $1.827 billion.
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