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TheStreet Open House

Shell To Increase Participation In The Beryl Area Fields In The North Sea

THE HAGUE, the Netherlands, October 25, 2012 /PRNewswire/ --

Shell announced today the signing of an agreement with Hess Corporation to acquire its interests in the Beryl area fields and the Scottish Area Gas Evacuation System ("SAGE"), for US$ 525 million.  

The Beryl Area includes 12 fields located on the UK Continental Shelf. The fields are operated by Apache and with the acquisition Shell's interest in the different fields will increase by a range of between 9-65% depending on the field.

The Beryl cluster has a far longer anticipated lifetime than originally thought and may produce for a further two decades. The acquisition should help to enhance the performance and economic potential from key Shell North Sea operated and non-operated assets, lifting Shell's production in the Beryl area fields from currently 9 thousand boe/d to 24 thousand boe/d. Shell intends to invest in these assets to substantially extend the production life, for potentially a further 20 years

Notes to Editors

  1. Shell and Hess Corporation signed an agreement on May 29, 2012 to acquire Hess's 15.67% interest in the BP operated Schiehallion field.  The sale which completed on 28 September 2012 brings Shell's equity in Schiehallion to 49%"
  2. In 2010 we increased our interest in the Clair field from 18% to 28%.  Clair lies west of Shetland and is operated by BP.  
  3. Shell is a leading operator in the UK sector of the North Sea and intends to maintain this position. Offshore, Shell has interests in more than 50 fields, operates more than 30 platform installations, 30 subsea installations and one production (FPSO) vessel. Onshore, we operate three gas plants; the St. Fergus Gas Terminal and Fife NGL Plant (with Braefoot Bay marine terminal) in Scotland, and Bacton in the east of England. Shell operates a significant number of its interests in the UK Continental Shelf (UKCS) on behalf of a 50:50 joint venture with ExxonMobil. The Shell share of UK oil and gas production is about 8% (140 kboe/d in 2011). Almost half of this is gas. This is almost 4% of total Shell Group production.
  4. The increase in Shell share of fields is as follows: Beryl, Nevis Central, Nevis North, Nevis Far North, Nevis South Cormorant, Loirston, Ness and Ness South from 23% to 45%.  Nevis South from 14.8% to 52.2%. On Nevis West Beryl from 0% to 65.5%.  On Buckland from 14.4% to 28.5%, and from 15.9% to 25% on Skene.

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