BP plc, which plans to sell up to $10 billion more in noncore assets over the next two years, is marketing the rights to about 280,000 gross acres of natural gas-rich properties in the Texas Panhandle's Sherman and Moore counties, which produce about 4,000 boe/d. The field is mature and better suited to operators specializing in late-life basin operations, a spokesman said. The decision is consistent with BP's strategy to manage its portfolio with a focus on "value over volume," he added. BP has around 500 wells now producing on the leases and still plans to continue to operate close to 1,700 wells in the Panhandle after the sale. The properties are expected to fetch up to $500 million.
A division of Royal Dutch Shell plc conducted two public meetings in Hopewell, PA, Wednesday to discuss plans for a proposed ethylene cracker in western Pennsylvania. Shell Chemical LP planned to answer questions and provide information to the public about its project, which is slated for a 300-acre site in Monaca, PA, in Beaver County. The cracker would process ethane produced in the Marcellus Shale for use in petrochemicals (see Shale Daily, June 7, 2011). Shell has signed three amended purchase agreements since the location was announced (see Shale Daily, Dec. 26, 2013).