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Hess to sell Beryl assets to Royal Dutch Shell for $525 million
October 25, 2012 / 6:20 AM / 5 years ago

Hess to sell Beryl assets to Royal Dutch Shell for $525 million

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Snow covered Shell logo is seen at a petrol station in Istanbul February 17, 2012.Osman Orsal

(Reuters) - Hess Corp (HES.N) said it has agreed to sell its interest in the Beryl area fields in the North Sea and the Scottish Area Gas Evacuation System to Royal Dutch Shell (RDSa.L) for $525 million.

The Beryl fields, located northeast of Aberdeen and operated by Apache Corp (APA.N), produced about 14,000 barrels of oil equivalent per day net to Hess through the first nine months of 2012, the company said.

"This sale is part of our strategic portfolio reshaping," said Greg Hill, Hess Corp's president, worldwide exploration & production.

Including today's deal, Hess has announced asset sales so far this year of about $2.4 billion.

Reporting by Sakthi Prasad in Bangalore; Editing by Richard Pullin; Editing by Richard Pullin

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