Shell to reduce its holdings in Woodside Petroleum
Royal Dutch Shell PLC plans to sell part of its stake in Woodside Petroleum Ltd. Although it will retain 24.27% interest in Woodside.
By OGJ editors
HOUSTON, Nov. 8 -- Royal Dutch Shell PLC plans to sell part of its stake in Woodside Petroleum Ltd. Although it will retain 24.27% interest in Woodside.
Shell’s subsidiary Shell Energy Holdings Australia Ltd. is working with UBS AG to proceed with the sale. Peter Voser, Shell chief executive officer, said Shell expects to continue investing in Australia in future years.
“Our Australian LNG portfolio has developed rapidly in recent years, with exploration success around Gorgon and Prelude, and our entry into coal bed methane plays through the joint acquisition of Arrow Energy,” Voser said.
He said Shell’s plan to sell part of its Woodside interest stems from Shell’s strategy to simplify its company and improve its capital efficiency.
“We are looking forward to working with Woodside on important new growth projects where we are partners,” Voser said. “We will manage our remaining position in Woodside over time in the context of our global portfolio.”