Shell are in talks with BP to buy a stake in the Shearwater gas field in the North Sea in a deal worth more than $250m.
The deal will nearly double Shell’s share in the Shearwater venture as oil companies continue to offload their assets, a source told Reuters.
Exxon Mobile owns 44.5%, BP has a 27.5% and Shell Oil has a 28% stake in the Shearwater field. It is alleged that the two oil giants have been in discussions for a few weeks, a source told Reuters.
The Anglo Dutch company are looking to expand their gas hub east of Aberdeen by 140 miles.