Published: Wed, November 15, 2017
Economy | By Shawn Conner

Shell Sells Entire Holding In Woodside Petroleum For USD2.7 Billion (ALLISS)

Shell Sells Entire Holding In Woodside Petroleum For USD2.7 Billion (ALLISS)

Royal Dutch Shell expects on Tuesday to add another $2.7 billion (A$3.5 billion) piece to its three-year, $30 billion divestment program, as the oil and gas major sells its stake in Australia's Woodside Petroleum to equity investors, Kallanish Energy reports.

Whilst Shell has divested its ownership interest in Woodside, the Anglo-Dutch company will continue to maintain a relationship with Woodside as a joint venture partner in the North West Shelf venture and the Browse LNG venture.

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By totally exiting the Australian group, Shell has earned itself a pre-tax amount of US$2.7 billion, a statement said. Woodside's shares closed trading at $32.24 on Monday.

With the Woodside deal, Shell has so far sold or agreed to sell almost $25 billion as part of a three-year, $30 billion asset sales programme launched following the acquisition of BG Group in 2015.

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Shell said today that proceeds from its sale of Woodside shares will be used to reduce the group's net debt.

In November 2010, it sold 10 percent of the issued capital of Woodside, taking its stake to 24.27 percent. The company has agreed that it will not dispose of any of its remaining shares in Woodside for a minimum of 90 days from completion of the sell-down, with limited customary exceptions. The sale increase was a result of the "strong demand" from institutional investors, Shell said.

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Australia blocked a takeover bid by Shell for Woodside in 2001 on national interest grounds.

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