Shell sells US gas fields for 1.8 billion dollars: company

10th December 2010, Comments 0 comments

Royal Dutch Shell said on Friday it had agreed to sell a group of gas fields in south Texas to OXY USA, a subsidiary of Occidental Petroleum Corp., for about 1.8 billion dollars (1.4 billion euros).

The sale, effective from January 1, 2011, "is a further step in Shell's ongoing portfolio restructuring and focus on capital efficiency", the group said in a statement.

The transaction forms part of a restructuring programme which the Anglo-Dutch company hopes will raise between seven billion and eight billion dollars in 2010 and 2011.

© 2010 AFP

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