Gulf Oil and Gas accountACCOUNT

Shell to sell Gulf of Mexico fields to W&T Offshore

Source: www.gulfoilandgas.com 11/4/2010, Location: North America

Shell announced 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., for $450 million, with an effective date of September 1, 2010, as part of an ongoing portfolio restructuring and focus on capital efficiency.

“We are focusing our investment on the most promising growth opportunities and that means selling some fields that no longer fit our strategy,” said Marvin Odum, Director Upstream Americas. “This is part of our 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 (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.



Acquisitions and Divestitures News in United States >>

Brazil >>  8/8/2019 - Petrobras has started the teaser for the sale of all its stakes in 11 shallow water production fields in the Campos Basin, jointly known as Polo Garou...
Kuwait >>  8/7/2019 - Kuwait's Petrochemical Industries Company (PIC) has acquired 49 percent of operations of South Korean SKC, and the two firms agreed to establish a joi...

France >>  8/5/2019 - Total has signed an agreement to sell a 30% interest in Société des Transports Pétroliers par Pipelines (Trapil) to Pisto SAS for €260 million (about ...
Guinea Bissau >>  8/5/2019 - SPE Guinea Bissau AB (“Svenska GB”), a wholly owned subsidiary of Svenska Petroleum Exploration AB, Sweden, is the Operator of Block 2, the Sinapa Lic...

Mexico >>  8/2/2019 - GulfSlope Energy has announced that the federal Bureau of Ocean and Energy Management ('BOEM') has agreed to grant GulfSlope a three year extension of...
Denmark >>  7/31/2019 - Royal Dutch Shell plc (Shell), through its affiliate Shell Overseas Holdings Limited, has completed the sale of its shares in Shell Olie-og Gasudvindi...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 |

More News

Related Links

CA US
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.