Royal Dutch Shell has agreed to sell a 50 per cent working interest in the Holstein Field, a mature deepwater asset which covers Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration and Production (PXP).
The sale, which follows an unsolicited offer from PXP, will be made for around $560m.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shell's 50% interest represents about two percent of the company's overall Gulf of Mexico net production and had a 30-day net average production of 7.4 kboe/d prior to Hurricane Isaac.
The share price rose 0.37% to 2,303.50p by 15:36.
NR
-
Review: The Grill at the DorchesterThe Grill at the Dorchester has a new, easy-going atmosphere, but the food is serious: from punchy beef wellington to grown-up tarte tatin, says Dan McEvoy
-
Review: The Hut, Colwell Bay – a seafood lunch with a holiday feelTravel Getting to The Hut in Colwell Bay on the Isle of Wight is almost as rewarding as actually eating there
