29th Mar 2022 14:17
Shell PLC - London-based oil major - Subsidiary Shell Offshore Inc starts production at subsea development PowerNap, located in the US Gulf of Mexico. Estimates peak of PowerNap at 20,000 barrels of oil equivalent per day.
Notes PowerNap is a tie-back to the Shell-operated Olympus production hub in the "prolific" Mars Corridor. Shell operates Olympus with a 71.5% working interest, with London-listed peer BP PLC controlling the remaining 28.5%.
Shell Upstream Director Zoe Yujnovich says: "Shell has been producing in the Mars Corridor for more than 25 years, and we continue to find ways to unlock even more value there.
"PowerNap strengthens a core Upstream position that is critical to achieving our 'Powering Progress' strategy and ensuring we can supply the stable, secure energy resources the world needs today and in the future."
Shell discovered PowerNap in 2014.
Current stock price: 2,023.58 pence, down 1.8% on Tuesday
12-month change: up 40%
By Paul McGowan; [email protected]
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