Shell Postpones FIDs on GoM and North Sea Projects
Shell postponed final investment decisions (FID) on two planned projects in the US Gulf of Mexico (GoM) and North Sea, coming after a record decline in crude oil futures driven by the COVID-19 pandemic.
The delayed FID in the GoM is for development of the Whale discovery, which is operated by Shell (60%) and co-owned by Chevron (40%). It was discovered in the Alaminos Canyon Block 772 in 2018, adjacent to the operator’s Silvertip field and approximately 10 miles from its Perdido platform.
Although FID for the Whale development is delayed, the company said work is continuing as planned there.
It also postponed FID to 2021 for development of its Jackdaw natural gas field in Britain’s North Sea, located 155 miles east of Aberdeen. Media outlets said the Jackdaw development, which was to be developed via 20-mile subsea pipeline to the existing Shearwater platform in 2014, was valued around $1 billion.
The company said in March it was dropping out of the Lake Charles LNG project in Lake Charles, Louisiana, with Energy Transfer.
Baker Hughes To Supply LNG Compressors to Qatar Petroleum
Baker Hughes scored what it said is among the largest LNG deals it has secured in the past 5 years. The compressors will be installed in Qatar Petroleum’s North Field East LNG trains, boosting Qatar’s total LNG production capacity from 77 mtpa to 110 mtpa.
Petrobras Cuts E&P Capex, Buzios Oil Field To Account for 70% of E&P Investments
Brazil’s national oil company estimated a reduction of 22 to 38% in capital expenditures in E&P from its 2020–2024 strategic plan and expects to spend $6 billion through 2024 to decommission offshore platforms and wells and underwater gas pipelines.
TD Column: Lessons Learnt From 50 Years in the Oil and Gas Business
SPE’s technical director for Production and Facilities, shares some hard lessons learned—and successes—over his 50 years of experience, from being a greenhorn to launching his own business.
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