Oil giant is increasing its stakes in 12 fields in the Beryl cluster
Oil giant Shell has agreed a $525 million (£338 million) deal to buy Hess Corporation's stakes in the Beryl fields in the UK North Sea.
The deal, which is subject to regulatory approval, will see Shell increase its stakes in 12 fields in Beryl, with its share rising by between nine per cent and 65 per cent, depending on the field.
All 12 of the Beryl developments are operated by Apache, and Shell said today it intends to invest further in the Beryl cluster.
“The Beryl cluster has a far longer anticipated lifetime than originally thought and may produce for a further two decades," Shell said.
Hess, which is offloading the assets as part of a wider “portfolio reshaping” said the Beryl fields have averaged production rates of 14,000 barrels of oil per day in the first nine months of 2012.
Shell estimates the acquisitions will up its production rate from 9,000 barrels of oil a day at present to around 24,000.
Shell is also taking the Hess stake in the Scottish Area Gas Evacuation System (Sage) as part of the deal.
Sage is a 320 kilometre pipeline which links the Beryl fields to the mainland.