Gulf Of Mexico Holstein News

Shell accepts US$560-million  offer from Plains Exploration & Production (PXP  for working interest in Gulf of Mexico Holstein asset. Shell received an unsolicited offer from PXP for Shell’s working interest. The transaction is effective October 1, 2012 and is expected to close by year-end 2012. Holstein is a mature deepwater asset and the sale is consistent with Shell’s continuing practice of reviewing our existing portfolio and evaluating new opportunities. The Holstein Unit is centered on a spar platform anchored in 1350 meters (4400 feet) water depth and first produced in December 2004. Shell’s 50% interest represents about two percent of the company’s overall Gulf of Mexico net production and had a 30-day net average production of 7.4 kboe/d prior to Hurricane Isaac.