As per industry sources, Royal Dutch Shell intends to buy BP’s stake in the Shearwater oil and gas field. Shearwater, discovered in 1988 is located 225 kilometers east of Aberdeen.
At present, Shell holds a 28% stake in Shearwater, 27.5% is under BP while Exxon Mobil (XOM) holds the remaining stake. BP and Shell have sold off a large number of assets in the North Sea Basin in the last few years. The deal, if completed would mark a selling target of $5 to $6 billion of assets for BP.
As per Shell, the gas export capacity of the Shearwater hub is around 400 million standard cubic feet of gas a day, practically 70,000 barrels of oil equivalent per day.
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