Shell Agrees To $1.9 Billion Sale Of Upstream Denmark Assets

Royal Dutch Shell Plc (NYSE: RDS.A) said Oct. 17 it will sell upstream interests in Denmark for $1.9 billion as part of the oil major’s larger divestment program.

Shell, through its affiliate Shell Overseas Holdings Ltd., reached an agreement with Oslo-listed Norwegian Energy Co. ASA (Noreco), to sell its shares in Shell Olie-og Gasudvinding Danmark B.V. (SOGU).

SOGU is a wholly-owned Shell subsidiary that holds a 36.8% nonoperating interest in the Danish Underground Consortium (DUC), a joint venture in the Danish North Sea. Other consortium members include Total SA (31.2 %), Chevron Corp. (12 %) and Nordsøfonden (20 %).