Potential bidders for Shell’s assets will have access to a data room on the projects in January 2023. Credit: Kristina Kasputienė from Pixabay.

Shell is planning to sell stakes in a group of oil fields in the UK North Sea, reported Bloomberg News, citing marketing materials.

The assets considered for sale include minority stakes in two BP-operated oil fields and a stake in a discovery field in the waters east of Scotland.

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All the fields are linked to a central processing facility, called Eastern Trough Area Project (ETAP), in the UK North Sea Central.

Located 240km east of Aberdeen in the Central North Sea, the ETAP includes numerous fields with varying ownership arrangements sharing a central processing facility.

According to the materials seen by the publication, potential bidders for Shell’s assets will have access to a data room on the projects in January 2023.

Offers from interested parties are due to be received by Shell by mid-April 2023.

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Shell owns a 25% stake in the Madoes producing field and a 21% interest in the Mirren field, which are both located in the same area.

Shell also holds a 25% stake in the Kate field, which is estimated have 180 million barrels of oil reserves.

In September 2022, Reuters reported that Shell and Exxon Mobil were looking to sell their gas assets in the southern UK and Dutch North Sea.

As part of the divestment plan, investment bank Jefferies was appointed to run the sale process that could raise more than $2bn, reported the news agency, citing three industry and banking sources.

Earlier this year, Reuters also reported that Shell was planning to divest its 30% stake in the Cambo oil project in the British North Sea. The field has been facing opposition from climate activists seeking to halt new oil and gas resource developments in the North Sea.