SHELL announced this week that it would divest two production-sharing contracts (PSCs) off the coast of Malaysia for $475mn to Petroleum Sarawak E&P, in order to improve the competitiveness of its upstream business. The Anglo-Dutch major revealed it was searching for a buyer for the interests in March last year. Under the deal with Petroleum Sarawak, the company will receive extra payments of up to $50mn between 2023 and 2024 depending on oil and gas prices, it said. The transaction is set to be completed early next year but will be backdated to January 1.
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