Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Global Banking and Finance Review

Posted on January 10, 2025

Shell begins production at Whale in US Gulf of Mexico

(Reuters) - Oil and gas major Shell said on Thursday it had started production at the offshore floating facility Whale located in the Gulf of Mexico.

The Whale development is operated by Shell, which owns 60% of the project alongside U.S. energy major Chevron, which has a 40% stake. The project is expected to hit peak production of roughly 100,000 barrels of oil equivalent per day (boepd).

The development was discovered in 2017 and holds a recoverable resource volume of 480 million barrels of oil equivalent, Shell said.

Whale achieved first oil around seven years after the development was discovered, primarily due to a delay in reaching a final investment decision following a cash preservation strategy adopted by Shell during the COVID-19 pandemic.

Separately, Chevron said production from the Whale development would bring it closer to reaching 300,000 net boepd in the Gulf of Mexico by 2026.

The London-listed company has invested heavily in the prolific U.S. Gulf of Mexico. It has approved about 15 oil platforms in the region and holds ownership interest in several exploration and production projects.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Emelia Sithole-Matarise)

Recommended for you

  • Exclusive-Russian fuel exports fall in 2024 as drone attacks, bans add to sanctions pressure

  • SpaceX's Starship explodes in flight test, forcing airlines to divert

  • Factbox-What are Russia's strategic treaties with Iran, North Korea and China?