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Shell in advanced talks to buy LLOG Exploration for more than $3 billion, sources say
Shell aims to enhance its upstream assets by acquiring LLOG, a major U.S. Gulf producer with 30,000 barrels per day, in a deal valued over $3 billion.
- On Dec 9, Reuters reported Shell is in advanced talks to buy LLOG Exploration Offshore in a deal worth more than US$3 billion, involving one of the largest privately held U.S. Gulf producers.
- LLOG's recent production and projects show it produces around 30,000 barrels daily and expanded its deepwater footprint by acquiring 41 blocks covering about 236,000 acres.
- The parties are locked in talks and an agreement is seen as close, with unnamed sources cautioning there is no guarantee and one saying a deal could be struck by the end of the year.
- Analysts say Shell might deepen its upstream portfolio through deals, Kim Fustier noted North American gas or deepwater oil assets suit Shell, and Wael Sawan signalled M&A appetite for 2026.
- Despite a small workforce, LLOG lists 125 employees on its website, remains family-controlled after founder Gerald Boelte died last year, and operates the Who Dat system producing 21,000 bpd oil and 51 million cfpd gas.
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Shell in advanced talks to buy LLOG Exploration for more than $3 billion, sources say
Shell is in advanced talks to buy LLOG Exploration Offshore in a deal worth more than $3 billion, two sources familiar with the matter said, a move that would boost the oil major's upstream portfolio through one of the largest privately held oil and gas producers in the U.S. Gulf.
·United Kingdom
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Coverage Details
Total News Sources7
Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
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