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Shell Considering Sale of Texas Shale: Report

·2 min read
Shell Considering Sale of Texas Shale: Report

Royal Dutch Shell, the U.K.-Dutch oil-and-gas company, is contemplating the sale of its holdings in the Permian Basin, the U.S.’s largest oil field, for an amount that could exceed $10 billion, Reuters reported on Sunday, quoting people familiar with the matter. If confirmed, the sale by the largest western oil group would be the latest instance of Big Oil accelerating its divestment from nonrenewable resources to speed up its transition to greener energy. The group derived 6% of its total oil and gas output from last year from the Permian Basin, mostly located in southwestern Texas but reaching into southeastern New Mexico.