The sale could be for part or all of Shell’s position in the U.S. Permian Basin, located mostly in Texas, which accounted for around 6% of the Anglo-Dutch company’s total oil and gas output last year. The holdings could be worth more than $10 billion, the people said.There was no guarantee Shell would end up striking a deal for the assets, said the people, who spoke on condition of anonymity to discuss confidential information.
Shell’s energy transition plan, one of the sector’s most ambitious, aims to reduce oil and gas output gradually and boost spending on renewables, hydrogen and low-carbon technologies. The energy major plans to reduce oil output by 1% to 2% per year by 2030 through lower investment and disposals. It will increase spending on renewables and low carbon technologies to up to 25% of its overall budget by 2025.The Permian’s rapid growth upended global oil markets last decade with vast production and the ability to ramp output up and down. Its potential for future gains has fueled strong dealmaking even amid uncertainty over the long-term outlook for oil demand.
Permian consolidation has accelerated, with Pioneer Natural Resources acquiring two companies, and ConocoPhillips acquiring another. Occidental Petroleum agreed to sell some of its Permian holdings to Colgate Energy for $508 million in a move to reduce its debt.Shell’s oil and gas production from company-operated and non-operated rigs in the Permian averaged 193,000 barrels of oil and gas per day in 2020, according to its website, down from about 250,000 the prior year.
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Go green by selling brown to those that care less. Sounds like a winning proposition for the rest of us…
Ayer fueron ejecutados 14 jóvenes de primera línea por 'buena gente' disfrazada de Policía en el sector La Luna de Cali. Para más información pueden acudir a medicina legal en Cali. URIBISMO ES IMPUNIDAD.
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