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Bloomberg: Shell, Exxon to Sell Part of Puffin Deep, North Sea Discoveries

By Stephen Voss

July 3 (Bloomberg) — Royal Dutch Shell Plc and Exxon Mobil Corp., the world’s two largest oil companies, are seeking buyers for stakes in several North Sea discoveries, a Schlumberger Ltd. oil-services marketing Web site said.

Shell and Exxon plan to sell equity in 13 central North Sea blocks, including the Puffin Deep gas-condensate discovery with oil-in-place reserves of 65 million barrels of oil equivalent, and seven other undeveloped discoveries with total in-place reserves of 400 million barrels of oil equivalent, the site said. Those seven are Puffin Shallow, Seagull, Aragorn, Commander, Curlew A, Stella and Harrier Shallow.

Shell is also offering equity in two blocks that contain the Hermione, Toucan, Crookshanks, Bramley SE and Godric prospects in exchange for funding for an exploration well, while Exxon is offering its entire equity in those two blocks for sale, the site said.

Major oil companies have been selling aging or small fields in the North Sea to independent explorers over the past few years to concentrate on larger deposits elsewhere, such as the Caspian Sea and West Africa. Shell officials in London couldn’t immediately be reached for comment.

To contact the reporter on this story: Stephen Voss in London at [email protected]

Last Updated: July 3, 2007 13:31 EDT
 

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