Shell in talks to buy BP’s stake in Shearwater field – report

Shell is in talks to acquire BP’s stake in the Shearwater gas hub in the North Sea, according to a news report.

Citing three sources, Reuters states the two oil majors are close to an agreement which could be worth around $250m (£193m).

Shearwater is operated by Shell with a 28% stake while BP holds 27.5% and ExxonMobil has the remaining 44.5%.

The negotiations could yet fall through, the report adds.

Both firms declined to comment.

It was reported in January that BP was seeking to sell its stake in the field, which lies 140miles east of Aberdeen.

BP, which recently completed an £8.1billion acquisition of U.S. shale assets from BHP Billiton, has said it will sell as much as £4.6 billion of other mostly mature assets to pay down debt taken for the purchase.

At the end of last year Shell announced plans to expand the Shearwater hub, which serves several fields, including the construction of a new pipeline.

Both firms have recently divested North Sea assets, with Shell in a £3bn deal with Chrysaor in 2017 and BP offloading stakes in the Bruce, Keith and Rhum fields to Serica.

However they have also been investing in other regions such as the West of Shetland.

Discovered in 1988, the Shearwater field was first developed in 2000.

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