Proactive Investors - Run By Investors For Investors

Shell is working on a Venezuela exit - report

Shell owns a 40% stake in a joint venture with the state oil firm, and, according to Reuters, it is working to sell the stake to Maurel et Prom
oil and gas operations
Negotiations are said to be hold, however

Royal Dutch Shell Plc (LON:RDSB) is lining up a sale of its stake in its venture with Venezuela’s state oil company, according to a Reuters report, which identifies French oiler Maurel et Prom as the potential buyer.

Shell owns a 40% stake in the oil problematic oil project located in western Venezuela, close to the Colombia border, where operations have been impeded by equipment theft, power cuts and local economic challenges (hyperinflation, food and medicine shortages).

READ: Medical cannabis to be available in UK on prescription

Payments back to joint venture partners such as Shell have reportedly been delayed and have added to the motivation to sell out.

According to Reuters, the potential sale is being ‘analysed’ by the authorities though the transaction has stalled over ‘entrance bonus’ fees required by Venezuela.

Negotiations are currently on hold, the Reuters report added.

View full RDSB profile View Profile

Royal Dutch Shell Plc Timeline

Related Articles

oil well
August 22 2018
Production in the six months to June rose 64% following a workover campaign on the three producing wells
oil and gas operations
July 03 2018
Analyst Ashley Kelty highlighted what could be characterised as favourable environment and opportunity for Rose Petroleum
1532368774_Vanadium-electrolyte-batteries.jpg
July 25 2018
Anfield revealed that its prospective energy partners have shown an increasing interest in its vanadium assets

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use