Offshore staff
ABERDEEN, UK – Hess (NYSE:HES) has agreed to assign its interests in the Beryl area fields in the central North Sea and the Scottish Area Gas Evacuation (SAGE) pipeline system to Shell (NYSE: RDS.A) for $525 million.
The Beryl area includes12 fields operated by Apache. Following the acquisition, Shell’s interest in the different fields will increase between 9% and 65%.
Shell says the Beryl cluster could remain in production for a further 20 years.
Assuming regulatory approval, the transaction could lift the company’s production from the Beryl area fields from the present 9,000 boe/d to 24,000 boe/d. The company is committed to further investment to extend production life.
Shell’s new interests are as follows: Beryl, Nevis Central, Nevis North, Nevis Far North, Nevis South Cormorant, Loirston, Ness and Ness South, up from 23% to 45%; Nevis South up from 14.8% to 52.2%; Nevis West Beryl from 0% to 65.5%; Buckland from 14.4% to 28.5%; and Skene from 15.9% to 25%.
10/25/2012
