Shell takes FID for the PowerNap project
13 August 2019
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.