Shell agrees to sell half of Holstein interest

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).

By MoneyWeek

published 10 September 2012

in Features

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

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.