Royal Dutch Shell Plc (RDSA.LN), an oil and gas company announced Friday
that it has agreed to sell its interest in six Gulf of Mexico oil and gas
fields to W & T Energy VI, LLC, a wholly owned subsidiary of W&T
Offshore Inc. (WTI), for $450 million, with an effective date of September 1,
2010, as part of an ongoing portfolio restructuring and focus on capital
efficiency.
MAIN FACTS:
-This is part of the company plan to divest $7-8 billion in assets worldwide in
2010 and 2011.
-The divested fields are Tahoe,
Southeast Tahoe
,
Droshky, Marlin and Dorado, and a
Gulf of Mexico
producing shelf property, and are predominately mature gas fields.
-These fields produce some 18,000 barrels of oil equivalent per day or boe /d,
and have proved reserves of some 27 million barrels of oil equivalent (net to
Shell's interest).
-A definitive agreement has been signed for all fields except for one of the
fields, a
Gulf of Mexico
producing shelf property and associated assets,
which is the subject of a Letter of Intent and is currently anticipated to
close before year-end.
-Shell continues to make significant investments in the deep water
Gulf
of Mexico
, where the company currently produces some 230,000
barrels of oil equivalent per day.
-Perdido, the most recent addition to the Shell Deep Water portfolio, began
production earlier this year.
-Shell recently took the final investment decision on the 100,000 boe/d Mars B
deepwater development (Shell 71.5%).
-Shell has also recently announced the potential for two new 100,000 boe /d
deep water production hubs at the
Appomattox
(Shell 80%) and Vito fields (Shell 55%); following successful exploration and
appraisal work on those prospects.
-Shares
closed Thursday at 2089.50 pence