Shell in Asset Swap with Murphy
by Rigzone Staff
|Wednesday, November 14, 2012
Royal Dutch Shell announced Wednesday that it has increased its participation in the Schiehallion Field, west of the Shetland Islands, and that it would also be selling its Canadian Seal area oil shale assets.
Shell said that it was acquired Murphy Schiehallion Limited's 5.9-percent stake in the Shiehallion field, which will bring its total stake in the field to 55 percent as well as offering Shell access to substantial additional reserves and redevelopment potential within the UK.
Other partners in Schiehallion include BP (the operator) with a 35.5-percent interest, Statoil (5.9%) and OMV (5.9%).
In a separate agreement, Murphy Oil Company – an active developer in the Seal area of Canada – will take over Shell's interest there. The Seal area is located within the Peace River oil sands of Alberta and Shell stressed that this divestment would not impact its focus on growth activities within other parts of its Peace River leases.
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