Shell lifts stake in west of Shetland oil field

Shell (NYSE: RDS.A) (NYSE: RDS.B) has agreed to acquire Murphy Schiehallion’s 5.9% stake in the BP-operated Schiehallion field west of Shetlands.

Offshore staff

THE HAGUE, the Netherlands– Shell (NYSE: RDS.A) (NYSE: RDS.B) has agreed to acquire Murphy Schiehallion’s 5.9% stake in the BP-operated Schiehallion field west of Shetlands.

In exchange, Shell is transferring to Murphy Oil its interest in the Seal area in the Peace River oil sands of Alberta, Canada.

The additional equity in Schiehallion lifts Shell’s stake to 55%, giving the company access to additional reserves and redevelopment potential.

11/14/2012

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