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Shell sells out of Danish North Sea for billions

A Norwegian oil company with a market value of less than EUR 134 million has purchased the second-largest stake in the Danish Underground Consortium.

Photo: Kirsty Wigglesworth/AP/Polfoto

Shell is selling its 36.8 percent share of Danish Underground Consortium (DUC) to Noreco. The Norwegian company is paying USD 1.9 billion for taking over all of Shell's existing commitments, including the redevelopment of the Tyra gas field, a portion of the gas pipeline from Tyra West as well as bearing future costs of liquidating Shell's assets. Shell's staff are also being transferred to the Norwegian company under the same terms of employment, informs Shell in a press statement.

The British-Dutch oil major has withdrawn from a large part of the North Sea in recent years. This has occurred in connection with an extensive sales program in which assets totaling USD 30 billion are to be sold up to the end of this year. The sale of DUC should be seen in this context, Shell tells.

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