It’s interesting to watch the reconfiguration of the global energy giant Royal Dutch Shell as it conducts a disposal of what it has now deemed its non-core operations and assets as it expands exploration and investments in other markets.
The move is all over the Australian press this morning with The Australian noting that Shell has “has axed hundreds of jobs at its proposed Arrow liquefied natural gas project and sold its stake in the Wheatstone LNG project for $US1.135 billion.”
But possibly most interesting is the top 10 list of assets in “Shell’s $30bn garage sale” that ran in the UK Telegraph overnight.
Besides the reduction in its LNG assets, the Telegraph says that Shell’s 23.1% stake in ASX listed Woodside Petroleum (WPL) is number 1 on the list of assets to be sold.
Shell has already sold down a third of its holding in November 2010 for $3.3bn, so the remaining $7bn stake tops the list of assets that could be for sale. Rumoured buyers would be sovereign wealth funds interested in the long-term earnings potential of the facility.
Woodside has been in a solid uptrend since May 2012 and closed yesterday at $38.80 on the ASX.
You can read more from the Telegraph here