USA: Shell Sells Stake in Holstein Field to PXP for USD 560 Mln

USA Shell Sells Stake in Holstein Field to PXP for USD 560 Mln

Royal Dutch Shell plc announced it has agreed to sell its 50% working interest in the Holstein Field, comprised of Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration & Production (PXP) for approximately $560 million, subject to closing.

Shell received an unsolicited offer from PXP for Shell’s working interest. The transaction is effective October 1, 2012 and is expected to close by year-end 2012.

Holstein is a mature deepwater asset and the sale is consistent with Shell’s continuing practice of reviewing our existing portfolio and evaluating new opportunities.

The Holstein Unit is centered on a spar platform anchored in 1350 meters (4400 feet) water depth and first produced in December 2004. 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.

Shell retains a major Gulf of Mexico presence and is a leading deepwater producer. The company recently noted three successful appraisal wells at the Appomattox and Vito fields, which are expected to begin producing in the second half of the decade.

Press Release, September 11, 2012;  Image: BP

Share this article

Follow Subsea World News

Events>

<< May 2016 >>
MTWTFSS
25 26 27 28 29 30 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 1 2 3 4 5

ADVANCED SUBMARINE POWER CABLE & INTERCONNECTION FORUM

The 2016 event will look to emulate the success of this years’ conference and continue to showcase real practical examples on what the industry…

read more >

Deep Sea Mining Summit 2016

The Deep Sea Mining Summit 2016 will bring together a large array of solution providers, upcoming deep sea miners, members from…

read more >

EEMUA subsea engineering course: materials selection and corrosion control

This two and a half day training course is recommended for both discipline and project focused engineers from a variety of backgrounds who want to gain an understanding of the fundamental principles for selecting and specifying materials of construction for subsea equipment, and for corrosion control during deployment, commission and operation. The course is based on the EEMUA User Guide to subsea materials selection and corrosion control, EEMUA Publication 194.

It is operated in association with the Society for Underwater Technology (SUT). Permanent employees of EEMUA and SUT member companies are entitled to a 20% discount off the standard course fee.

More info

read more >

5th International Conference Offshore Cabling 2016

At the upcoming event you will get the opportunity to learn from offshore cable installation case studies and gain insights into latest…

read more >