Nobel Upstream, one of the new oil and gas contractors in the UK North Sea, has announced it is taking a good look at Shell’s assets in the UK to see if they meet the company’s acquisition criteria.
Shell is in the process of raising more than £20 billion through its global portfolio by divesting its global assets. The Anglo-Dutch energy giant has already outlined its plans to raise the funds through a three-year divestment programme to help its accounts after the taking over of BG Group for £47 billion.
Oil and gas experts claim that Shell would look to dispose its UK North Sea assets. However, the company has said that no property has been identified for sale as yet. A Shell spokesperson said that the company was presently involved in the review phase of its global divestment programme.
Nobel is an Azeri-owned company and has between £138 million and £207 million in equity to acquire assets. The company recently invested in the Maclure oil field owned by Shell, purchasing a 7.59 per cent stake.
Nobel Upstream Chief Executive Officer Jeremy Huck expressed an interest in buying Shell’s North Sea assets. Huck said that his company was interested in acquiring more oil fields in the North Sea, and since Shell has a large portfolio, Nobel would be looking at it to see which assets fit into their acquisition profile.
Huck, who was previously BP Russia President, predicted that Shell would embark on a major sell-off, which would alter the landscape of the North Sea, with new oil and gas contractors entering the fray.
Another company based in London, Neptune Oil and Gas, is also making note of Shell’s assets. This investment vehicle announced it was reviewing Shell’s North Sea, Africa and Asia assets.