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.
The transaction is effective from October 1st and is expected to close by the year-end.
Subscribe to 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
-
How to find the best luxury hotel dealsKnowing how to find the best luxury hotel deals can help holidaymakers enjoy high-end experiences without the sky-high costs. We reveal how to bag the best value for less.
-
Frozen thresholds could push ‘tax freedom day’ to latest date this centuryTax freedom day is the point in the year you stop earning for the taxman and start earning for yourself. A rising tax burden could push it to 12 June this year – the latest date since 1982.
