Shell to divest US Gulf of Mexico oil&gas assets to raise $1.5bn

Oil&gas giant Shell is planning to divest its stakes in two oil and gas development projects located in the US Gulf of Mexico for as much as $1.5bn. The firm is looking for a potential buyer for its Auger production hub, as well as for its 37.5% stake in the Conger field. The two fields have a combined production output of approximately 50,000 barrels per day. Scheduled to start production in 2024, the Whale project is expected to have a peak production capacity of approximately 100,000 barrels of oil equivalent per day. It has an estimated recoverable resource volume of 490 million barrels of oil equivalent. Despite this, the sources said that there is no certainty that Shell would sign a deal for the sale of these assets.