Shell, Hess swap interests in Gabon, N. Sea

Royal Dutch Shell PLC and Hess Corp. have agreed to an asset swap that will increase Shell’s interests in Gabon and Hess’s interests in the Norwegian North Sea.

Dec 21st, 2009

By OGJ editors
HOUSTON, Dec. 21
– Royal Dutch Shell PLC and Hess Corp. have agreed to an asset swap that will increase Shell’s interests in Gabon and Hess’s interests in the Norwegian North Sea.

Shell’s interests in production licenses in three Gabonese oil fields will increase: to 52.5% from 42.5% in Rabi-Kounga, to 94.3% from 44.3% in Toucan, and to 60% from 20% in Atora. Its interest in the Ozigo exploration license will increase to 94.3% from 44.3%.

Also under the deal, Shell’s interest in Clair oil field, off the UK west of the Shetland Islands, will increase to 28% from 18.7%.

Hess will take over Shell’s interests in two Norwegian North Sea oil fields, doubling its interest in Valhall field to 56.2% and in Hod field 50%.

The companies called the deal a strategic trade with no cash involved.

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