acquisitions and divestitures
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The energy unit of the London-based multinational chemical company is seeking to bolster its ownership of operated offshore assets. -
The deal follows investor pressure shared across the US shale sector to reduce leverage and capital outflows.
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The sale of the minority stake is part of its larger 2021 program to raise an average of $4 billion annually by shedding noncore holdings.
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The cluster is the third largest in Brazil and the fourth largest in the Americas, with potential for further development. It is the third offer the company has made over the past five weeks.
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Hess Corp. sold its stake in the Shenzi development to BHP for $505 million to help pay its share of the cost of developing discoveries offshore Guyana.
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The deal includes Sandvik’s exploration rigs, consumables, production stock, and selected trademarks and patents.
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The sale of Chevron’s interest in the IDD project is part of its cost-cutting measures.
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The acquisition and divesture deal includes large-interest positions in nine offshore exploration blocks, several of which Shell may become the operator of.
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The latest updates on the North American shale sector’s efforts to consolidate and restructure.
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The announcements are part of the company’s divestment strategy to reduce debt and improve capital.
