According to the Wall Street Journal, Shell is selling its interest in the Haynesville shale formation, that stretches across Arkansas, Louisiana and Texas, for $1.2 billion.
A source close to the deal told the news source that the deal could close this week.
“The [source] cautioned that deal talks could still fall apart,” the newspaper reported.
“However, a deal would mark the latest sign of private equity groups seeking to swoop in and take advantage of struggling investments in gas fields.”
Shell is embarking on a global sell-off of assets to keep the company’s bottom line in check.