everyone want onshore us gas

THE HAGUE, Netherlands (AP) -- Royal Dutch Shell PLC said Thursday it will swap its 17 percent non-operated stake in the Gulf of Mexico's Tahiti field for Total SA's interests in natural gas assets in South Texas.


The Tahiti field, nearly 190 miles southwest of New Orleans, is operated by Chevron Corp. Total said first production is planned for mid-2008 from a floating production facility with daily capacity of 125,000 barrels of oil and 70 million cubic feet of natural gas.


In exchange, Shell will get Total's operated interests in three onshore natural gas fields and additional interests in a fourth field it already operates.


A Shell spokesman said the company is acquiring stakes ranging from 50 percent to 88 percent of the fields, but declined to give financial terms of the deal.


Shell and Total said the transaction is expected to close in January and is subject to, among other things, regulatory approval.


The Texas fields produce 107 million cubic feet equivalent per day and "are a significant addition to the portfolio bringing the net South Texas gas production to 300 million cubic feet equivalent per day," Shell said.




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