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Shell announces sale of $ 9.5 billion in West Texas oilfield assets to ConocoPhillips

The separator tank was installed at the Royal Dutch Shell Plc processing facility in Rubbing, Texas, on August 24, 2018.

Callahan O’Hair | Bloomberg | Getty Images

Oil giant Royal Dutch shell On Monday, the entire assets of the Permian basin ConocoPhillips..

ConocoPhillips is said to have purchased a business in western Texas for $ 9.5 billion in cash. Press release..

According to the press release, it has assets of about 225,000 acres and currently produces about 175,000 barrels per day. The sale is expected to end in the fourth quarter of this year.

The deal indicates that Shell has completely withdrawn from onshore production in Texas. Shell maintains offshore production in Texas.

This move is due to the growing pressure on the oil industry to invest in renewable energy and reduce its carbon emissions in the face of climate change.

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Shell announces sale of $ 9.5 billion in West Texas oilfield assets to ConocoPhillips

Source link Shell announces sale of $ 9.5 billion in West Texas oilfield assets to ConocoPhillips

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