HPR ROV Logo
HPR ROV Logo

Shell makes FID on PowerNap project

Shell has made a final investment decision (FID) for the PowerNap deep-water project in the US Gulf of Mexico.

PowerNap is a subsea tie-back to the Shell-operated Olympus production hub.
The project is expected to start production in late 2021 and produce up to 35,000 barrels of oil equivalent per day (boe/d) at peak rates.

It is anticipated to have a forward-looking break-even price of less than $35 per barrel and is currently estimated to contain more than 85 million barrels of oil equivalent recoverable resources.

“PowerNap further strengthens Shell’s leading position in the Gulf of Mexico,” said Wael Sawan, Shell’s Upstream Director. “It demonstrates the depth of our portfolio of Deep Water growth options, and our ability to fully leverage our existing infrastructure to unlock value,” he added.

Shell has a leading deep-water portfolio with an exciting development funnel and strong exploration acreage in the US Gulf of Mexico, Brazil, Nigeria and Malaysia heartlands, as well as in emerging offshore basins such as Mexico, Mauritania and the Western Black Sea.

Shell currently is the largest leaseholder and one of the leading offshore producers of oil and natural gas in the US Gulf of Mexico.

Source link

Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
envelope-ophonemap-ocrossmenuchevron-down
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram