Partner Article

Shell makes $525m North Sea acquisition

Global oil giant Shell has increased its interest in the Beryl area fields in the North Sea.

The area, which is located off the north east coast of Aberdeen, has been bought from Hess Corp for $525m, after the fields were found to have a longer lifetime than was first thought.

The 12 fields contained in the Beryl area are located on the UK continental shelf, and Shell’s interest will increase by a range between 9% and 65% in each field.

Thursday’s acquisition follows an agreement made earlier this year between Shell and Hess Corp for 15.67% of the latter company’s interest in the BP-operated Schiehallion field.

Shell hopes the acquisition of Beryl fields, currently ran by Apache, will enhance the company’s performance and economic potential for North Sea operations.

This was posted in Bdaily's Members' News section by Miranda Dobson .