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Shell to maintain asset sales target despite oil price decline

Reuters - UK Focus

ABU DHABI, Nov 11 (Reuters) - Royal Dutch Shell (Xetra: R6C1.DE - news) will maintain its target to sell $15 billion of assets by 2015 in an effort to boost cash flow, the oil company's upstream director Andrew Brown said on Tuesday.

Global oil prices have dropped by around 30 percent over the past four months, putting heavy pressure on the balance sheets of oil companies already struggling to cut spending.

"We do have a continuous need to recycle our portfolio. Fifteen billion (dollars) is still only a few percent of our total assets and we haven't got any plans to refresh that target," Brown told reporters. (Reporting by Rania El Gamal; editing by Jason Neely)