Shell considering sale of Permian Basin shale assets: Reuters

London, (Quantum Commodity Intelligence) – Energy major Shell is considering selling all or part of its holdings in the Permian Basin, the largest US oil field, according to newswire Reuters which cited sources familiar with the matter.

The field, which sits mostly within Texas and entitles Shell to a share of 193,000 barrels of oil equivalent per day, was worth 6% of the company's total oil and gas output in 2020 and could be worth more than $10 billion, said the sources.

The company is under pressure from shareholders and other stakeholders to reduce its carbon impact and accelerate plans for a transition to a low-carbon energy provider.

Part of Shell's energy transition strategy includes reducing investment in fossil assets and some divestments.

Last month a Dutch court told Shell to reduce its emissions quicker than it had planned, at 45% below 2019 levels by 2030.

This contrasts with Shell's target to cut the total carbon intensity of the products it sells by 6% by 2023, 20% by 2030, 45% by 2035 and to reach net-zero by 2050.

Shell plans to appeal the ruling.