Shell to buy BP’s Shearwater stake

Bloomberg

Royal Dutch Shell Plc said it plans to buy BP Plc’s stake in a North Sea field they share, superseding a deal agreed by the British oil major last month.
“Shell UK Ltd has agreed to purchase BP’s interest in the Shearwater gas hub,” a spokesperson for the Anglo-Dutch company said, without disclosing terms. “The move reflects Shell’s strategy of focusing our upstream activities on fewer,
existing positions to generate material returns for shareholders and to fund the growth of our new low-carbon portfolio.”