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Shell selling 16 upstream assets worth more than $500 million
October 19, 2016 / 7:56 AM / a year ago

Shell selling 16 upstream assets worth more than $500 million

Filled oil drums are seen at Royal Dutch Shell Plc's lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo

LONDON (Reuters) - Royal Dutch Shell is currently offering 16 assets worth more than $500 million for sale as part of its vast $30 billion three-year asset sales program, the oil and gas company’s head of upstream Andy Brown said on Wednesday.

The Anglo-Dutch company launched the program to reduce its debt following the acquisition of BG Group earlier this year. Uncertainty over the future oil price has led to a sharp slowdown in deal making in the sector in recent years.

“There are 16 assets currently in the market that are above $500 million in value,” Brown told the Oil and Money conference in London.

Reporting by Ron Bousso; Editing by Mark Potter

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