Shell invests in PowerNap subsea tie-back in Gulf of Mexico

Shell Offshore has elected to invest in its PowerNap deep-water project in the U.S. Gulf of Mexico. Shell announces a programme to invest in natural ecosystems as part of its strategy. Shell must remain at the forefront of the drive for greater corporate transparency. The project is expected to start production in late 2021 and produce up to 35,000 boed at peak rates. Blacktip is Shell’s second material discovery in the Perdido Corridor and is part of a continuing exploration strategy. The company repurchased 293,861,620 A ordinary shares for an aggregate consideration of $9.25 billion.

It is anticipated to have a forward-looking break-even price of less than $35/bbl. The reports outline our approach and activities in the crucial areas of sustainability. It completion of the sale follows receipt of regulatory approval by the Danish authority. Currently estimated to contain more than 85 MMboe recoverable resources. The programme will contribute to Shell’s three-year target, beginning in 2019. The divestment aligns with Shell’s strategy to reshape refining efforts towards a smaller. Shell discovered PowerNap in 2014. 100% developed by Shell.

Wael Sawan, Shell’s upstream director says “PowerNap further strengthens Shell’s leading position in the Gulf of Mexico”.

It is currently has an expected production of 175,000 barrels of oil equivalent per day (boe/d). A transformation of the global energy system is needed, from electricity generation to industry and transport. The Industry Associations Climate Review assesses for the first time Shell’s alignment with 19 key industry association. Blacktip is a Wilcox discovery in the Perdido thrust belt and was discovered in the Alaminos Canyon Block 380. It is located in the south-central Mississippi Canyon area approximately 150 miles from New Orleans in about 4,200 ft of water.

It comes in addition to existing efforts, from reducing the carbon intensity of oil and gas operations. The report also details new governance principles to improve how Shell manages its memberships of industry associations. The Shell-operated (71.5%) Olympus production hub is co-owned by BP Exploration and Production Inc. (28.5%). The find presents the opportunity to augment existing production in the Perdido area where Shell’s Great White. PowerNap production will be transported to market on the Mars pipeline. The maximum number of ordinary shares which may be purchased by the company under the next tranche.

Shell Trading and Supply and Shell Energy Europe Limited will retain oil and gas lifting rights from the DUC assets. The deal is another step in our transformation to high-grade and optimise our portfolio to drive resilient returns. It is the first commercial discovery now brought into production in the deep-water Gulf of Mexico Norphlet formation. It operated by Shell Pipeline Company LP and co-owned by Shell Midstream Partners, L.P. Shell’s announcement signals that one of the world’s biggest energy companies is pursuing a decarbonisation strategy.

Drilling at the initial Blacktip well is still underway and has to date encountered more than 400 feet net oil pay. The shares bought back under the next tranche will be the a ordinary shares traded in the EUR denomination. Shell is the first in the industry to set near-term targets for the emissions of both its operations and its products. The well is currently being deepened to further assess the structure’s potential. Appomattox is a story of efficiency through innovation. Shell is making a wider range of transport solutions available to customers. It must be prepared to openly voice concerns where company find misalignment with an industry association.

“It demonstrates the depth of our portfolio of deepwater growth options”, Wael said.

Shell announces that it is also investing in 200 new rapid electric vehicle charge-points. Blacktip is operated by Shell (52.375%) and co-owned by Chevron U.S.A. Inc. (20%). It demonstrates the depth of portfolio of deepwater growth options. The transaction is subject to closing conditions and regulatory approvals and is expected to close in 2019. The start of production at Appomattox is only just the beginning of further maximising the flow of resources in the prolific. The transaction covers the sale of Shell’s Martinez Refinery and adjacent truck rack.

The ability to fully leverage the existing infrastructure to unlock value. Shell will roll out similar choices to customers in other countries. The next tranche will be carried out on the London Stock Exchange and/or on BATS. Shell retains its Downstream presence in Denmark through A/S Dansk Shell. Shell has a leading deep-water portfolio with an exciting development funnel. Shell’s associated branded fuel businesses, Aviation terminal, and Catalysts business. It will be conducted in accordance with the company’s general authority to repurchase shares granted by its shareholders.

Strong exploration acreage in the US Gulf of Mexico, Brazil, Nigeria and Malaysia heartlands. The discovery in a Shell heartland adds to the company’s Paleogene exploration success in the Perdido area. The network of Shell-branded retail stations in Denmark will continue to be operated by DCC. The company’s global deep-water production is on track to exceed 900,000 boe per day by 2020. The transaction is an agreement by Shell Overseas Holdings Limited with Altinex AS. Shell currently is the largest leaseholder and one of the leading offshore producers of oil and natural gas.

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