Shell share price: Group divests stake in Brazil’s Comgas

Anglo-Dutch oil major seeks buyers for Oman field stake

Shell share price: Group divests stake in Brazil’s Comgas

Royal Dutch Shell (LON:RDSA) has sold its interest in a Brazilian gas distribution company for $380 million, the company has said. The Anglo-Dutch oil major, which has been looking to offload $30 billion worth of assets in the wake of its acquisition of BG Group, is further reportedly looking to sell its 17-percent stake in the Mukhaizna oil field in Oman.

Shell’s share price has been little changed in London this morning, having lost 0.20 percent to 2,291.00p as of 08:44 BST, slightly underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.09 percent lower at 7,531.74 points. The group’s shares have added about nine percent to their value over the past year, and are up by a little over two percent in the year-to-date.

Shell’s disposals continue with Brazil’s Comgas

Shell announced in a statement last night that it had inked a deal with Cosan, to execute an existing put option to sell all of its 16.8-percent interest in Companhia de Gas de São Paulo, or Comgas. The headline for the transaction, expected to be completed by year-end, is about $380 million.

“This transaction allows us to focus our efforts in Brazil on areas where we see the most strategic value for Shell longer-term,” Shell’s Integrated Gas and New Energies Director, Maarten Wetselaar, commented in the statement.

Group seeking buyers for Oman field

In a separate development, banking sources told Reuters yesterday that Shell was seeking to sell its 17-percent stake in the Mukhaizna oil field in Oman, which could fetch up to $200 million. The process is reportedly led by investment bank Rothschild.

The reports come as the Anglo-Dutch group continues to offload assets to shore up its balance sheet amid lower crude prices and following BG Group’s acquisition. Shell, however, recently suffered a setback, having cancelled a $900-million deal to sell its gas field stakes in Thailand to Kuwait Foreign Petroleum Exploration Company. 

As of 09:08 BST, Wednesday, 11 October, Royal Dutch Shell Plc 'A' share price is 2,293.50p.

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