Hess to sell interest in Beryl area fields to Shell for $525 mn

Global independent oil 7 gas explorer and refiner Hess Corp today said it had agreed on the sale of its interest in the Beryl area fields in the North Sea and the Scottish Area Gas Evacuation System to Royal Dutch Shell for $525 million.

The acquisition would enable Shell toraiese production in the Beryl area fields from 9,000 boe/d to 24,000 boe/d

Subject to regulatory approval, Hess expects to close the sale in the first quarter of 2013.

According to Hess, the Beryl fields, located northeast of Aberdeen and operated by exploration and oil and gas producer Apache Corp, produced about 14,000 barrels of oil equivalent per day net to Hess through the first nine months of 2012.

Greg Hill, Hess Corp's president, worldwide exploration & production said the sale was part of the company's strategic portfolio reshaping.

With the deal today, Hess has has so far, this year, announced asset sales of about $2.4 billion.

The transaction would raise Shell's interest in each field by a range between 9 per cent and 65 per cent depending on the field.

According to the Ducth firm, it intended to make further investments in the area's fields, to extend their lives by up to 20 years.