Shell divests Permian assets to ConocoPhillips for USD 9.5bn

The income will be used to finance distribution of USD 7bn among investors once the deal is in place.


Oil giant Royal Dutch Shell has divested assets for USD 9.5bn to ConocoPhillips, the former states Monday evening CET as cited by Bloomberg News.

The assets lie in the Permian Basin in the southwestern US, the country's most active shale oil region, and the handover is set to provide ConocoPhillips with a boost in output by around 200,000 barrels of oil equivalent per day in 2022, placing the company among the basin's largest outfits.

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