Shell signals it will accelerate retreat from the North Sea
Simon Henry, CFO, Royal Dutch Shell Plc
Article by Mark Williamson published Friday 1 May 2015
Shell signals it will accelerate retreat from the North Sea
THE finance chief of Royal Dutch Shell has signalled the oil and gas giant will accelerate its retreat from the North Sea, saying the area faces a difficult future unless costs and uncertainties are reduced.
Simon Henry said: “Shell is not necessarily a natural owner of assets in the North Sea. Going forward there are other companies who may well have more expertise but also more incentive to squeeze the value from mature assets.”
He added: “The way Shell typically creates value is earlier in the maturity of the life cycle, we helped to develop the North Sea.”
Indicating that Shell will look to sell off more mature assets, Mr Henry said the company could still create value by transferring them to other operators.
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