Shell Offshore Inc., a subsidiary of Shell plc, has completed the previously announced sale of its 100% interest in Shell Onshore Ventures LLC which holds a 51.8% membership interest in Aera Energy LLC to IKAV.

The sale is part of Shell’s strategy to create a resilient and competitive Upstream portfolio by focusing on positions with high growth potential and a strong integrated value chain.

The total consideration is approximately $2 billion in cash with additional contingent payments based on oil prices and has an effective date of October 1, 2021. 

Shell remains active in California with a statewide footprint that includes gas and power trading, electric vehicle (EV) charging, hydrogen and LNG fueling stations, retail and lubricants, distribution facilities and terminals. California is a key market for Shell’s Renewables and Energy Solutions business given its advanced, emerging technology and country-leading research and development.

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