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January 31, 2017

 

Welcoming today’s announcement (31 January) that Shell has agreed to sell a package of UK North Sea assets to Chrysaor in a multi-billion pound deal, Oil & Gas UK Chief Executive Deirdre Michie said:

“This is a very significant deal and signals a strong vote of confidence in the future of the UK Continental Shelf and the focus on maximising economic recovery.

“With these acquisitions, Chrysaor becomes a leading independent oil and gas company in the UK and one of its largest producers on an equity basis. Maintaining a diversity of operators in the region is crucial and we welcome Shell’s continued significant presence here as well as the arrival of new companies like Chrysaor.

“We also welcome Chrysaor’s intent to explore and invest in its new portfolio; this sends positive signals about the opportunities the UK’s offshore oil and gas basin has to offer.

“This region still has the potential to yield many more millions of barrels of hydrocarbons, helping to meet the country’s primary energy needs, secure jobs and generate wealth for the economy.

“Following on from similar deals in recent months, the new activity that this transaction could generate will be good news for the sector’s supply chain across the UK, which has been severely impacted by the downturn.”

 

 

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