• 5 minutes Global Economy-Bad Days Are coming
  • 8 minutes IT IS FINISHED. OPEC Victorious
  • 14 minutes Venezuela continues to sink in misery
  • 17 minutes Could Tesla Buy GM?
  • 8 mins Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 15 mins OPEC Cuts Deep to Save Cartel
  • 11 hours What will the future hold for nations dependent on high oil prices.
  • 43 mins Price Decline in Chinese Solar Panels
  • 2 hours And the War on LNG is Now On
  • 5 hours Alberta Cuts Push Prices Too High
  • 1 day Congrats: 4 journalists and a newspaper are Time’s Person of the Year
  • 9 mins USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 30 mins How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 1 day Permian Suicide
  • 2 days Asian stocks down
  • 2 hours Rigs Down

Breaking News:

Michigan Greenlights Oil Pipeline Project

Alt Text

Qatar’s OPEC Exit May Just Be The Beginning

Qatar shocked markets yesterday with…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Shell Makes Large Deepwater Discovery In Gulf Of Mexico

Shell has made a large deepwater exploration discovery in the U.S. Gulf of Mexico, just 13 miles from its Appomattox project that is expected to start production by the end of 2019, the oil major said on Thursday.

The Dover discovery is Shell’s sixth in the Norphlet geologic play in the U.S. Gulf of Mexico, and is considered an attractive potential tieback due to its proximity to Appomattox.

“Dover showcases our expertise in discovering new, commercial resources in a heartland helping deliver our deep water growth priority,” said Andy Brown, Upstream Director for Royal Dutch Shell. “By focusing on near-field exploration opportunities in the Norphlet, we are adding to our resource base in a prolific basin that will be anchored by the Appomattox development,” Brown added.

The Appomattox project, in which the operator Shell holds 79 percent and Nexen Petroleum Offshore USA owns the other 21 percent, is planned to have peak annual production of 175,000 barrels of oil equivalent per day (boe/d).

Shell expects its global deepwater production from already discovered and established areas to exceed 900,000 boe/d by 2020.

In the U.S. Gulf of Mexico, Shell announced last month the final investment decision for the Vito deepwater development, with a forward-looking, break-even price estimated to be less than $35 per barrel. Vito, which will be Shell’s 11th deepwater host in the Gulf of Mexico, is currently scheduled to start producing oil in 2021, with peak production of around 100,000 boe/d.

Related: Is $70 Oil Enough For Shale Drillers?

Earlier this month, Harry Brekelmans, Shell Projects and Technology Director, said that the oil major is targeting deepwater projects to break even at $40 or preferably below that threshold.

In a speech at the Offshore Technology Conference (OTC) in Houston, Brekelmans said at the end of April:

“It is fair to say that the industry is moving away from big, bespoke projects and towards a future that is all about detail. A future that is about being more scrupulous with the scoping and execution of projects.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Tom on May 25 2018 said:
    Why pay la mordida to Mexico when US Gulf oil enjoys rule of law?
  • Harryflashmanhigson on May 26 2018 said:
    Notice how they say a 'big discovery' and then neglect to tell us how big? Last year total discoveries were 2 billion barrels and the world used 30 odd billion barrels. So, Peak Oil is a myth, eh? When it comes and everybody's standard of living enter a permanent decline, those of us who saw it and warned about it will point and laugh!
  • CorvetteKid on May 29 2018 said:
    Harry, the world has 2 trillion barrels of proved reserves and another 4 trillion of probable reserves.

    Yeah, the peak oil myths -- just Google "$300 Peak Oil" from a few years back -- is just that.

    A myth.
  • CorvetteKid on May 30 2018 said:
    Looks like from the production estimate that the field is about 800 MM BBL.
  • Wood on May 31 2018 said:
    Crazy how Shells break even price is 35 USD a barrel and Louisiana light has been over 70 for a few weeks now.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News