Shell sells Fermian Basin assets to Konoco Phillips for $ 9.5 billion

The English-Dutch group Royal Dutch Shell on Monday announced the sale of its assets in the US-Permian Basin to rival Konoko Phillips for $ 9.5 billion. Around Western Texas and eastern New Mexico, the shale of the Permian Basin is filled with oil and gas and produces 40% of the black gold in the United States.

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Assets sold by Shell include 225,000 acres (910 square kilometers) of land in Texas and nearly 1,000 kilometers of oil, gas and water pipelines. They produce an average of 175,000 barrels a day. Shell plans to finance and strengthen its funding to pay its shareholders an additional $ 7 billion in profits from the sale of these assets, a statement said. The panel says it has read several options before deciding to work with Konoko Phillips.

“This result again prioritizes a value., Vale Sawan, head of research and production operations at Shell, said in a statement. Still dependent on oil and gas profits, the shell should become carbon neutral by 2050. The group plans to achieve this through investment in new energy, CO2 compensation mechanisms and its reduction in black gold.

For more than 100 years now in the United States, the Anglo-Dutch Company insists that the move does not reflect a deviation “Plans to be an energy leader in the country for decades”. ConocoPhillips hopes for its part to be able to realize savings once the transaction is completed. The group has already decided to acquire Congo Resources in the Permian Basin for $ 9.7 billion in January.