Whilst Shell has divested its ownership interest in Woodside, the Anglo-Dutch company will continue to maintain a relationship with Woodside as a joint venture partner in the North West Shelf venture and the Browse LNG venture.
Owing to "strong demand from institutional investors", the Anglo-Dutch energy group said it had offloaded the entirety of its 13.28-percent stake, just hours after it announced that it had made a decision to sell 8.5 percent of Woodside.
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The multinational energy giant said it had made an underwriting agreement with two investment banks to sell 8.5 per cent of Woodside's issued capital at $31.10 a share.
Shell shares were up 0.8 percent at 1525 GMT.
Shell has so far sold or agreed to sell over US$26 billion as part of its three-year US$30 billion asset sales programme launched following the acquisition of BG Group in 2015.
"Proceeds from the sale will contribute to reducing our net debt", Shell Chief Financial Officer Jessica Uhl said in the initial statement. However, it swiftly upsized the deal, due to strong investor demand, to also include the remaining shares it owns in Woodside. Shell has been selling out of Woodside for some time.
The two companies have an extensive history, including Shell's blocked $10 billion takeover attempt for Woodside in 2001.
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