Shell (SHEL.L) and Exxon Mobil (XOM. N) have listed one of Europe’s largest and oldest natural gas production projects for sale, banking on rising energy prices amid Russian tensions to draw buyers.
Shell and Exxon recently began the sale process for NAM’s offshore gas activities; which include numerous fields, about 20 offshore platforms, a network of pipelines, and three processing plants.
In 2021, the offshore and onshore NAM assets up for sale produced about 2.4 million of natural gas per day. With the potential to reach 2.8 mcm per day with additional investment.
Shell and Exxon are hoping that interest in the NAM joint venture will increase; as a result of Europe’s increased focus on domestic energy generation.