Shell sells interest in Holstein oil and gas field to Plains

Shell is set to sell its 50 per cent working interest in the Holstein field, comprised of Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration and Production for approximately $560m (£349m), subject to closing.

Shell received an unsolicited offer from Plains for its working interest. The transaction is expected to close by the end of 2012.

The sale is said to be consistent with Shell’s continuing practice of reviewing its existing portfolio and assessing new opportunities.