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

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FPSO Europe Congress

 

Pursuing Cost-Optimization & Project Excellence across Europe’s FPSO Value Chain!

Launched to great success in 2015, the FPSO Europe Congress is set to return on 24-25 February 2016 in London for yet another exciting gathering of Europe’s leading oil operators, FPSO contractors, EPCs, shipyards and solution providers to discuss the most topical and critical FPSO developments in the North Sea, Latin America, Brazil and West Africa market.

 

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2016 FPSO Distinguished Speakers Include:

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  • Terry Hughes, Project Director, Tullow Oil
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The FPSO Europe Congress 2016 is proud to bring you an updated program offering fresh perspectives, creative solutions and critical market intelligence fundamental to FPSO business sustainability as we discuss just HOW and WHAT you can do in pursuit of a viable, efficient and safe FPSO strategy.

For more information please visit the website at http://goo.gl/uvYsrk or email rani.kuppusamy@fpsonetwork.com

 

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