Shell looks to sell assets

摘要

ANGLO-DUTCH supermajor Shell is considering selling its entire position in the US Permian basin in a move that could be worth over $10 billion, according to a report.The potential Permian exit was reported by Reuters on Monday, but the news wire added that there is no guarantee any sale will materialise.Shell declined to comment when contacted by Upstream.Production in the core US shale basin has risen along with increasing oil prices this year.The US Energy Information Administration anticipates that Permian oil production will average 4.6 million barrels per day in June, the highest level since March 2020.Increased prices and an active mergers and acquisitions market could appeal to Shell, which has set a net-zero emissions goal by 2050 and had estimated net debt of more than $71 billion at the end of the first quarter.Shell owns around 260,000 net acres in the Permian, all located in Texas. It accounts for approximately 6% of the company's net oil production although its output in the Permian has dropped from about 250,000 barrels per day in 2020 to a current 193,000 bpd.