Royal Dutch Shell Plc, shedding assets to pay for its takeover of BG Group Plc, is in talks to sell its interest in a Gulf of Mexico oilfield to Focus Oil, according to people familiar with the matter.
The deal could value Shell’s stake in the Caesar Tonga field at about $1.3 billion, said the people, who asked to not be identified because the matter isn’t public. A deal hasn’t been completed and negotiations could still fall apart, they said.
Shell has a 22.5 percent working interest in Caesar Tonga, with the rest owned by companies including field operator Anadarko Petroleum Corp., Equinor ASA and Chevron Corp., according to company filings.
A sale could further Shell’s efforts to dispose of mature assets to free up cash for shareholder returns and to improve growth prospects, as well as help pay down debt after it spent more than $50 billion buying BG Group in 2016. Shell said it would divest $30 billion in assets to pay for that deal. When it released its second-quarter results in July, it said it was about $2.5 billion away from achieving that goal
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