Tuesday 30 August 2016

Shell to sell $425m Gulf of Mexico oil assets

Shell has agreed to sell a number of assets in the Gulf of Mexico to EnVen Energy for $425 million (£324.73m).

The Brutus/Glider assets include a platform, four blocks of oil fields and oil and gas subsea pipelines. They produce the equivalent of 25,000 barrels of oil a day or 5.8% of Shell’s output in the Gulf of Mexico.

Shell currently produces approximately 600,000 barrels each day and plans to increase production to more than 900,000 barrels a day by the early 2020s using discovered and established reservoirs.

The transaction is expected to close in October.