Hess Corporation announced it has agreed to terms for the sale of its interest in the Beryl area fields and the Scottish Area Gas Evacuation System (SAGE) to Royal Dutch Shell for $525 million.

The Beryl fields, located northeast of Aberdeen in the United Kingdom North Sea and operated by Apache, produced approximately 14,000 barrels of oil equivalent per day net to Hess through the first nine months of 2012. Subject to regulatory approval, the sale is expected to close in the first quarter of 2013.

“This sale is part of our strategic portfolio reshaping,” said Greg Hill, President, Worldwide Exploration & Production. “Including this transaction, we have announced asset sales year-to-date of approximately $2.4 billion.”