Shell takes FID for the PowerNap project

Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, has taken the 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 USD35 per barrel and is currently estimated to contain more than 85 M barrels of oil equivalent recoverable resources.

Shell has a most important 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.

Previous articleStork secures contract extension from Centrica
Next articleBjörn Rosengren to leave Sandvik
Stainless Steel World is part of The KCI Media Group, a group of companies focused on building and sustaining global communities in the flow control industries. We publish news on a daily basis and connect business-to-business professionals through our online communities, publications, conferences and exhibitions.