Shell Extends Core Acreage Position in Lease Sale 235
Mar 19, 2015
Shell continues to build upon a strong position in the Central Gulf of Mexico and is the apparent high bidder on 17 blocks during today’s US Bureau of Ocean Energy Management (BOEM) Lease Sale 235.
Shell bid on a total of 18 blocks and exposed approximately $38.7mln. Shell is the apparent high bidder on 17 blocks, totaling approximately $37.9 mln, including Mississippi Canyon Block 896 and Walker Ridge Block 375, which strengthen Shell’s current portfolio of near-term exploration drill sites within core Miocene and Paleogene plays.
“We are extremely pleased with today's lease sale results, which extend Shell's existing acreage in our core exploration areas,” said Mark Shuster, Executive Vice President Exploration, Shell Upstream Americas. “These new leases further upgrade our prospect portfolio and will enable a continued strong resource delivery program in our Gulf of Mexico heartland.”
Growth in deep-water Gulf of Mexico for Shell includes the Mars B (Shell 71.5%) development, which continues to ramp up production; the ultra-deep-water Stones (Shell 100%, 50,000 boe/d) project, which is under construction; progress on front-end engineering and design for the Appomattox (Shell 79%) and Vito (Shell 51.33%) projects; and recent exploration success which has contributed to more than 1.3 billion barrels of additional high value resource for Shell in the last five years.