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.
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.
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.
Pandion Energy conducts exploration, development and production operations across the Norwegian Continental Shelf (NCS).
The investment allows the company to fund the acquisition of all licences in Tullow Oil Norge AS’ existing portfolio and its operational platform.
A.P Moller-Maersk AS plans to dispose its stakes oil and gas properties offshore Campos Basin, Brazil.
The company currently holds a 20% stake in the Wahoo field and a 27% stake in Itaipu field.
The divestiture forms part of Maersk’s restructuring plan.