The European energy giant seals its departure from the largest American field, by selling its assets in the Permian basin to ConocoPhillips for 8.1 billion euros. A sign that the company is accelerating its conversion to renewable energies.
European oil giant Royal Dutch Shell is abandoning American oil fields by selling all its assets in the Permian Basin for $ 9.5 billion (€ 8.1 billion) to the American ConocoPhillips, announce the Wall Street Journal.
The agreement, which covers 91,000 hectares from which 175,000 barrels per day are drawn, according to Shell, was announced by the two companies on Monday. According to ConocoPhillips, it concerns “965 km of oil, natural gas and water pipes, as well as other energy infrastructure”.
This announcement comes as “Shell is trying to reduce its carbon emissions and invest more in renewable energies”, explains the American economic daily.
By withdrawing from the American oil fields in this way, the Anglo-Dutch group is backtracking on the objectives it still had at the start of the year, by presenting the Permian Basin, which stretches from Texas to New Mexico, as “One of its main oil and gas producing regions”, note it Financial Times.
But Shell is “Under intense pressure to accelerate the abandonment of fossil fuels”. In May, a Dutch court ordered him to “By 2030 reduce its carbon emissions by 45 % from 2019 levels ”.
For the British daily, the end of Shell’s Texas operations “Highlights the growing gap between European companies such as Shell, BP and TotalEnergies, which are looking to convert to renewables and low-carbon electricity generation, and their US counterparts, which continue to bet on the future of oil and gas ”.
However, the CEO from Shell recalled on Monday that“A third of Shell’s staff and international investment in the coming years will remain in the United States”, report it Wall Street Journal. The company will focus on the Gulf of Mexico, where it “Is one of the largest offshore oil producers”.
The post Shell oil tanker leaves Texas by selling all of its assets to ConocoPhillips appeared first on Archyde.