Shell Sells North Sea Stakes to Centrica

Shell is selling its interests in the Statfjord oil and gas field, and associated satellite fields in the Norwegian sector of the North Sea, to Centrica. Shell's share of production from the mature field was 13,300 boe/d in 2009. The agreement with Centrica includes Shell's 11.04% in PL 037 and corresponding shares in the underlying producing fields, including a 9.44% interest in the Statfjord field. The sale price of the agreement totals US $225 million, and is still subject to approval by the Norwegian authorities. The Statfjord area lies on the border between the Norwegian and British sectors in the northern part of the North Sea. The Statfjord area consists of one field, three satellite fields, Sygna, Statfjord North and Statfjord East.

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