Shell ups exposure to Beryl fields in the North Sea
Oil giant Royal Dutch Shell is looking to buy Hess Corporation's stakes in the Beryl area fields and the Scottish Area Gas Evacuation Systems (SAGE) in the North Sea.
Oil giant Royal Dutch Shell is looking to buy Hess Corporation's stakes in the Beryl area fields and the Scottish Area Gas Evacuation Systems (SAGE) in the North Sea.
The company announced on Thursday morning that it had signed an agreement with Hess to increase its participation in the area for $525m.
Beryl includes 12 fields located on the UK Continental Shelf which are operated by Apache. With this acquisition, Shell's interest in each field will rise by a range of between 9-65% depending on the field.
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
"The Beryl cluster has a far longer anticipated lifetime than originally thought and may produce for a further two decades," Shell said.
"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 9,000 barrels of oil equivalent per day (boe/d) to 24,000 boe/d. Shell intends to invest in these assets to substantially extend the production life, for potentially a further 20 years."
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
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.
-
Inheritance tax bills exceed £500,000 for almost 10% of estates
Thousands of estates have had to pay a six figure inheritance tax bill – and the issue looks set to worsen.
-
Can gold protect you against inflation?
Inflation is on the rise in the UK. Could investing in gold protect your portfolio against rising prices?