Via Fox Business, Shell is selling its 8% interest in Australia’s Wheatstone-Iago gas field to a state-owned Kuwaiti exploration firm. The Kuwait Foreign Petroleum Exploration Co. will also buy Shell's 6.4% interest in the Wheatstone LNG project. The deal is expected to be worth $1.14 billion.
Shell is in cost-cutting mode under the leadership of new CEO Ben van Beurden, who on Friday issued a profit warning ahead of the company’s Q4 earnings announcement. Last week several media outlets reported that Shell is looking to sell $15 billion in global assets.
