Shell is selling an 8 percent stake in the
Wheatstone and Iago gas fields and a 6.4 percent stake in the
related Wheatstone liquefied natural gas project to the Kuwait
Foreign Petroleum Exploration Company, a partner in the project.
"We are making hard choices in our worldwide portfolio to
improve Shell's capital efficiency," Shell's chief executive Ben
van Beurden, who took over two weeks ago, said in a statement.
Shell said last year that it would step up disposals
"significantly" in 2014 and 2015 to keep cash flowing in.
The company issued a "significant" profit warning on Friday,
detailing across-the-board problems, which analysts said would
increase pressure on the company to keep a tighter control on
Shell, the world's number-three among investor-controlled energy
firms, and its oil industry peers are facing increasing investor
pressure to hold down spending as costs rise and prospects for
oil prices wane.
"Shell will remain a major player in Australia's energy
industry. However, we are refocusing our investment to where we
can add the most value with Shell's capital and technology," van
U.S. oil firm Chevron <CVX.N> is the controlling partner in the
(Reporting by Sarah Young; editing
by Mark Potter and Dale Hudson)
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