Woodside Petroleum Limited (ASX:WPL) 23.1 per cent shareholder Royal Dutch Shell has been tipped to start selling-down its stake within weeks.
According to numerous media reports Shell’s new CEO Ben van Beurden is preparing to divest the company’s $7.4 billion interest in the Perth-based oil and gas producer.
Speculation is rising after a UK-based newspaper last week reported Shell could sell up to $US30 billion of assets this year following a drop in its profits.
Though both companies have not formally commented on the latest speculation Shell chief financial officer Simon Henry flagged the potential sale last year. Mr Henry said at the time Shell’s stake in Woodside is no longer strategic but would not be sold below value.
The reports come more than three years after Shell sold about 10 per cent in Woodside for $US3.3 billion in November 2010.
Woodside Petroleum reported a net profit of $971.4 million in the first half of the 2013 financial year.
