1st Jul 2015 12:28
LONDON (Alliance News) - Royal Dutch Shell PLC on Wednesday said it has made the final investment decision on the Appomattox deep-water development in the Gulf of Mexico.
The decision by the FTSE 100-listed oil and gas major will authorise the construction and installation of Shell's eighth and largest floating platform in the Gulf of Mexico.
Appomattox will initially produce from the Appomattox and Vicksburg fields, with the average peak production from the pair expected to hit around 175,000 barrels of oil per day.
Shell owns a 79% stake in the project, with Nexen Petroleum USA Inc holding the other 21%. Nexen is a subsidiary of CNOOC Ltd, the Chinese oil and gas group.
Royal Dutch Shell 'A' shares were up 1.4% to 1,812.00 pence on Wednesday, while 'B' shares in the company were up 1.4% to 1,832.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
RDSA.LRDSB.L