Shell Plans To Sell Stake In Indonesia's Masela Block For Around $650M
Portfolio Pulse from Lekha Gupta
Shell PLC plans to sell its 35% stake in Indonesia's Masela Block, including the Abadi gas project, to PT Pertamina Hulu Energi and PETRONAS Masela Sdn. Bhd. for a total of $650 million. The deal is expected to be completed in Q3 2023. Shell's shares are trading lower by 0.74% at $62.91 premarket.
July 25, 2023 | 10:39 am
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NEGATIVE IMPACT
Shell's decision to sell its stake in the Masela Block is part of its capital allocation strategy. The news has led to a slight decrease in Shell's premarket share price.
The sale of a significant asset like the Masela Block can impact investor sentiment, as it may indicate a shift in company strategy. This could be the reason for the slight decrease in Shell's premarket share price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100