UK: Shell Increases Stake in Schiehallion Field

Shell today signed an agreement for the acquisition of Murphy Schiehallion Limited 5.9% stake in the Schiehallion field located in blocks 204 and 205, approximately 175 kilometres west of the Shetland Islands.

The additional equity in the Schiehallion field brings Shell’s stake to 55% and offers Shell access to substantial additional reserves and redevelopment potential in the UK, a current and future heartland for Shell Upstream in Europe. The deepening in Schiehallion is part of Shell’s continued portfolio optimization and the strategy of sustaining the existing upstream engine.

Other joint venture partners in Schiehallion field include BP (Operator) with 33.5%; Statoil – 5.9% and OMV with 5.9% stake.

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Subsea World News Staff, November 14, 2012