Shell (www.shell.com) has completed the sale of a package of UK North Sea assets to Chrysaor for up to $3.8 billion, including an ‘initial consideration’ of $3.0 billion and a payment of up to $600 million between 2018-2021 (subject to commodity price), with potential further payments up to $180 million for future discoveries.

This sale was announced on 31 January 2017 and has an effective date of 1 July 2016. Completion follows the receipt of all necessary regulatory and partner approvals.

The package of assets consists of Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Area, the Greater Armada cluster, Everest, Lomond and Erskine — plus a 10% stake in Schiehallion. Shell retains a significant presence in the UK North Sea, to which it “remains committed”.

Following the completion, 253 staff were transferred from Shell to Chrysaor. The deal is said to show “the clear momentum” behind Shell’s $30 billion divestment programme and is in line with Shell’s drive to simplify its upstream portfolio and “re-shape the company into a world-class investment”.

Through its affiliates, Shell has also completed the sale of its entire Gabon onshore oil and gas interests to Assala Energy Holdings Ltd for a total of $628 million. Some 430 local employees have transferred from Shell to Assala Energy.