Royal Dutch Shell may be looking to offload $10 billion in assets

North Sea oilfields are among the operations that are being offered discreetly to the multinational’s rivals.

Shell has hired Credit Suisse, the investment bank, to sell its $1 billion European liquefied petroleum gas (LPG) arm, which provides butane and propane used in heating and cooking. A behind-the-scenes auction of the network of petrol stations across at least 17 African countries is also moving forward. First-round bids of about $500m have been lodged.

These auctions come on top of a range of more advanced moves, including a $5 billion disposal programme for onshore fields in Nigeria, an exit from Sweden, and a $1.2 billion auction of three European refineries. Exclusive talks are under way with Essar, the Indian conglomerate, on the refinery sites, which include Shell’s only remaining UK refinery at Stanlow, Cheshire.

Shell has been tight-lipped about potential sales. However, sources close to it said that, including smaller disposals, the firm could raise a total of more than $10 billion.

The company is having to contend with serious challenges. Production fell last year even though it spent $30 billion on exploration.

Shell employs more than 100,000 people in 100 countries. Voser has announced 6,000 job cuts and consolidated its operations since taking over last summer. He wants to speed up the move away from older, less profitable businesses.