11 August 2014 – Shell is reportedly selling off a 50% stake in a Louisiana gas field to private equity firm Blackstone Group.
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.
*Bianca Bartucciotto-Upstreamonline
