Shell sells stake in Woodside Petroleum

By Sophie Chapman
Royal Dutch Shell has agreed to sell its entire share in the Australian Woodside Petroleum Limited to equity investors. Sh...

Royal Dutch Shell has agreed to sell its entire share in the Australian Woodside Petroleum Limited to equity investors.

Shell Energy Holding Australia, a Shell subsidiary signed the agreement with two investment banks on 13 November, one day earlier than expected.

Shell conformed that it had sold 111.8mn shares in Woodside, after initially announcing that it would only be selling 71.6mn at AU$31.10 (US$23.70) per share.

SEE ALSO:

This would account for only 64% of its interest and 8.5% of the issued capital in Woodside.

“Following strong demand from institutional investors” Shell sold $2.7bn (US$2bn) dollars’ worth of shares, being 13.28% of Woodside, and 100% of Shell’s shareholding.

“This sale is another step towards the completion of our three-year $30 billion divestment programme, which is an important part of our strategy to reshape Shell, to deliver a world class investment case, and to strengthen our financial framework. Proceeds from the sale will contribute to reducing our net debt,” stated Shell’s Chief Financial Officer, Jessica Uhl.

An analyst at Tudor, Pickering, Holt & Co commented on Shell’s $30bn target, saying: “is easily within reach and we see the potential for this to be increased at the Management Day” on 28 November.

Share

Featured Articles

Energy Security Bill introduced to UK Parliament

UK Energy Security Bill to support roll-out of low carbon technologies such as CCUS and hydrogen, and deployment of heat networks

Shell commits to Europe's largest renewable hydrogen plant

The 200MW electrolyser will be constructed on the Tweede Maasvlakte in the port of Rotterdam and produce up to 60,000kg of renewable hydrogen

Shell invests in Qatar LNG North Field East project

Shell buys 25% stake in Qatar LNG North Field East expansion project which will have capacity of 32mn tonnes a year

Gas-led recession a 'near certainty' in Europe

Oil & Gas

ABB scoops global energy automation technology award

Technology & AI

INEOS Köln awarded €770,000 for green hydrogen study

Renewable Energy