Royal Dutch Shell plc has revealed its plans to raise $3.8bn through selling a package of oil and gas assets in the UK North Sea to Chrysaor Holdings Limited.

The assets comprise Buzzard (21.73%), Beryl (39.4%), Bressay (18.4%), Elgin-Franklin (14.1%), J-Block (30.5%), the Greater Armada cluster (76.4%), Everest (100%), Lomond (100%), Erskine (32%), and Schiehallion (10%) fields. Assets delivered net production of 115,000boed in 2016.

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Shell currently operates Armada, Everest and Lomond assets, which will have operatorship transferred to Chrysaor upon completion of the deal.

Shell has also agreed to sell its 22.2% interest in Bongkot gasfield in offshore Thailand to an affiliate of Kuwait Foreign Petroleum Exploration Company (KUFPEC) for $900m.

BMO Capital Markets Ltd and Bank of America Merrill Lynch are the financial advisors to Chrysaor and Shell respectively on the transaction.

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Scheduled for completion in the second half of 2017, the deal forms part of Shell’s $30bn divestment plan, enabling the company to reduce its debts.

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"The deal forms part of Shell’s $30bn divestment plan."

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