Shell has agreed to sell its Danish upstream holdings to Noreco for USD 1.9 bn in shares. Involved is Shell Olie-og Gasudvinding Danmark B.V. (SOGU), 2P reserves of 209 MMboe, pipelines (Tyra West) and a 36.8% interest in the Danish Underground Consortium. The sale is subject to regulatory approval and would be retro-effective 1 Jan â17.  Noreco will assume Shellâs commitments and obligations, including the Tyra re-development. Shell retains its downstream assets, which include the Fredericia refinery and retail stations.
Noreco announced that it has agreed to acquire Shellâs upstream business in the country for US$1,9 billion. The assets being sold include 15 fields in four producing hubs.