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Shell sells six oil fields in Gulf of Mexico to W&T Offshore for $450 million

|Includes: Royal Dutch Shell plc (RDS.B), WTI
Royal Dutch Shell (LSE:RDSB, RDSA, NYSE:RDSB, RDSA) has agreed to sell its interest in six Gulf of Mexico oil and gas fields for US$450 million as part of its portfolio restructuring campaign.

The assets will be sold to W&T Offshore’s (NYSE:WTI) wholly owned subsidiary W&T Energy VI.

Shell plans to divest of assets worth up to US$8 billion in 2010 and 2011.

The assets sold to W&T are predominantly mature fields producing 18,000 barrels of oil equivalent per day (boe/d) with proved reserves of some 27 million barrels of oil equivalent net to Shell’s interest.

The divested fields include Tahoe, Southeast Tahoe, Droshky, Marlin and Dorado, and a Gulf of Mexico producing shelf property.

Shell currently produces some 230,000 boe/d in the deepwater Gulf of Mexico.

Shell recently took the final investment decision on the 100,000 boe/d Mars B deepwater development and has recently announced the potential for two new 100,000 boe/d deep water production hubs at the Appomattox and Vito fields, in which the company holds interests of 80% and 55% respectively.

Disclosure: No positions