Notes to Editors

The total sale price of up to $3.804bn comprises three key elements:

  • An initial consideration of $3.024bn.
  • Up to $600m contingent on Brent oil prices being above $60 per barrel in 2018-19 and above $70 per barrel in 2020-21.
  • Up to $180m subject to the achievement of certain exploration milestones.

Shell will make a payment to Chrysaor of up to $25m a year between 2018-21 should the average oil price during that time fall in or below the range of $47.50 - $52.50 per barrel.

Shell is providing a vendor loan to Chrysaor as part of the transaction and has signed hydrocarbon lifting and sales agreements for oil and gas produced from the assets being sold.

The stake in each of the assets being sold by Shell is as follows:

Buzzard (21.73%), Beryl (39.4%), Bressay (18.4%), Elgin-Franklin (14.1%), J-Block (30.5%), the Greater Armada cluster excluding Gaulpe (76.4%), Everest (100%), Lomond (100%), Erskine (32%) and Schiehallion (10%). Shell is the operator of Armada, Everest and Lomond – upon completion of the sale, Chrysaor will assume operatorship of those assets.

With the exception of Schiehallion, in which Shell will retain a 45% stake, the percentages listed represent Shell’s total interest in each of the assets.

Click on the links for details of Shell’s recent upstream divestments in the Gulf of MexicoCanada and Thailand.

For further insight into Chrysaor’s UK North Sea plans, see


Shell Media Relations
International: +44 20 7934 5550

Shell Investor Relations
International: + 31 70 377 4540
North America: +1 832 337 2034