Legal Business

‘Sign of things to come’: Shell leads on sale of own North Sea assets

Shell’s in-house legal team recently took the lead on the sale of $3.8bn worth of its own North Sea oil and gas assets, with help from panel firm Clifford Chance (CC), as part of a debt reduction push following its takeover of BG Group.

The deal sees British investment firm Chrysaor Holdings pay an initial sum of $3bn plus an additional payment of up to $600m, subject to commodity prices, and $180m for future discoveries. A Shell spokesperson said: ‘This approach to legal delivery, with a Shell team in the lead and backed up by limited external legal support, is typical for us. It allows our in-house business lawyers to work on the most complex, high-value projects, drawing on the expertise of a wide network of internal legal experts, and delivering value to the business at competitive cost and appropriate risk profile.’