Shell has completed the sale of the North Sea assets package in the United Kingdom to Chrysaor for a total of up to US$3.8bn (£2.9bn, or €3.3bn). The agreement was reached in January 2017 and includes Shell's interests in Buzzard (21.73%), Beryl (39.4%), Bressay (18.4%), Elgin-Franklin (14.1%), J-Block (30.5%), the Greater Armada cluster excluding Gaulpe (76.4%), Everest (100%), Lomond (100%), Erskine (32%) and Schiehallion (10%; Shell will retain 45%).
The package represents a total production of 115,000 boe/d, i.e. more than half of Shell's total UK North Sea production during 2016 (around 211 kboe/d). This US$3.8bn amount includes an initial consideration of US$3bn (£2.3bn, or €2.6bn) and a payment of up to US$600m (£460m or €615m) between 2018-2021 subject to commodity price, with potential further payments of up to US$180m (£138m, €155m) for future discoveries. The transaction is expected to be completed in the second half of 2017.