Royal Dutch Shell has divested from several U.S. Gulf of Mexico assets to EnVen Energy Corporation for $425 million in cash.
Shell, through its affiliate Shell Offshore, has agreed to sell 100 percent of its record title interest in Gulf of Mexico Green Canyon Blocks 114, 158, 202 and 248, also known as the Brutus/Glider assets.
The Brutus/Glider assets include the Brutus Tension Leg Platform (TLP), the Glider subsea production system and the oil and gas lateral pipelines used to evacuate the production from the TLP.
The Brutus/Glider assets have a combined current production estimate of about 25,000 barrels of oil equivalent per day, according to Shell.
The transaction is expected to close in October.
The sale is part of Shell’s previously announced divestment plan.
Shell said late last year that it was planning about $30 billion in asset sales as part of an upstream reorganization effort ahead of its merger with BG Group.
Shell CEO Ben van Beurden said earlier this year that the United Kingdom’s planned exit from the European Union could slow down his company’s asset sale plans.
According to Reuters, van Beurden told investors in July that the Brexit could impact the company’s plans to sell some of its global assets, especially assets in the North Sea.