October 19, 2016 / 7:56 AM / a year ago

Shell selling 16 upstream assets worth more than $500 million

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.

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

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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