Royal Dutch Shell has agreed to sell some of its remaining stake in Australia's Woodside Petroleum for around $1.7 billion (A$2.2 billion).
The shares were sold at A$31.10 each, Shell said.
The sale represented 64% of the Anglo-Dutch oil major's stake in Woodside and 8.5% of Woodside shares.
On completion of the deal, Shell will continue to own 4.8% of the Australian company. It has agreed not to dispose of any of the remaining shares for a minimum of 90 days.
"This sale is another step towards the completion of our three-year $30 billion divestment programme, which is an important part of our strategy to reshape Shell, to deliver a world class investment case, and to strengthen our financial framework," chief financial officer Jessica Uhl said.
"Proceeds from the sale will contribute to reducing our net debt.”
At 8:37am: (LON:RDSA) Royal Dutch Shell share price was +28.25p at 2446.25p