Royal Dutch Shell is considering selling its stake in the largest oil field in the US, according to people familiar with the matter, marking a critical moment in Shell's transition from fossil fuels as it faces increasing pressure to cut carbon emissions.
The sale is likely to be some or all of Shell's business in Permian basins in the United States. The business accounted for about 6 per cent of Shell's total oil and gas production last year. These assets could be worth more than $10 billion.
Shell declined to comment on the news. Sources said there was no guarantee that Shell would eventually reach an agreement to sell the assets.
A Dutch court last month ordered Shell to reduce greenhouse gas emissions by 2030, much faster than planned. Shell CEO van Boden (Ben van Beurden) said last week that Shell planned to appeal, but that the company would also cut emissions further and could scale back its oil and gas business.