Shell sells Gulf fields in £277m deal

Oil giant Shell has reached agreement to sell six of its fields in the Gulf of Mexico to US-based W&T Onshore in a £277 million deal.

The sites produce the equivalent of about 18,000 barrels of oil per day, mostly in the form of natural gas.

The deal is part of a restructuring programme which the Anglo-Dutch company hopes will raise up to 5 billion in 2010 and 2011 as it looks to offload some of its smaller interests.

Shell, which currently produces the equivalent of 230,000 barrels per day in the Gulf of Mexico, wants to concentrate on the development of large fields there.

Last month, BP agreed to sell four fields in the Gulf of Mexico to Japan's Marubeni Corp in a 400m deal to raise cash to help pay for its spill in the region. Shares in Shell closed down 5.5p at 2,084p.