Shell to buy Beryl assets, SAGE stake from Hess

Royal Dutch Shell PLC agreed to buy from Hess Corp. its holdings in Beryl field and related properties northeast of Aberdeen in the UK North Sea as well as its stake in the Scottish Area Gas Evacuation System (SAGE) for a total of $525 million.

Apache Corp. operates those Beryl assets, which produce 14,000 boe/d net to Hess through Sept. 30.

Subject to regulatory approval, the sale is expected to close in first-quarter 2013.

Greg Hill, president of Hess Worldwide Exploration & Production, said Hess has announced the sale or the pending sale of $2.4 billion total this year, including the Beryl assets.

Apache operates the Beryl, Nevis, Ness, Nevis South, Skene, and Buckland fields, the Beryl/Brae gas pipeline, and the SAGE gas plant.

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