Hail shale, but deepwater oil fights back [Reuters (UK)]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Hail shale, but deepwater oil fights back | Reuters 6 Min Read LONDON (Reuters) - Penguins, Royal Dutch Shell’s ( RDSa.L ) latest oil and gas development in a remote corner of the British North Sea, epitomises the new doctrine for deepwater projects -- keep it cheap and simple. Shunned during the oil price crash of 2014-2016, deepwater projects are being embraced again, a challenge to the surge in onshore U.S. shale output. Penguins, the first new major deepwater project this year, will rejuvenate the 44-year-old field by drilling 8 new wells 165 metres (541 feet) underwater and connecting them to a new production vessel. Due for completion in 2021 at a cost of around $1 billion, Penguins will cost a fraction of the average of giant developments earlier this decade, producing a modest 45,000 barrels of oil equivalent a day. “It is another example of how we are unlocking development opportunities, with lower costs,” Andy Brown, head of Shell’s oil and gas production division, said. L
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