Shell sells Gulf of Mexico oil assets for $425m

Shell sells Gulf of Mexico oil assets for $425m

Royal Dutch Shell is selling a chunk of its US Gulf of Mexico oil assets to Houston-based EnVen Energy for $425m, according to Bloomberg.

The package includes four blocks and the platform and subsea pipelines of the Brutus/Glider operation. Brutus is a tension leg platform in the Glider Field, which is located about 165 miles off New Orleans and around 3,400 feet deep.

The sale is part of Shell’s divestment strategy as it adjusts to plunging profits amidst the oil-price slump and following its $54bn acquisition of BG Group early this year. It aims to sell off $6-8bn-worth this year.

EnVen, formerly known as Pisces, is an upstream exploration and production company focused on the Gulf of Mexico.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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