Shell PLC - London-based oil and gas exploration firm and Chevron Corp - San Ramon, California-based oil and gas company - Announce that production has started at the Whale floating production facility in the Gulf of Mexico. The Whale development is owned 60% by Shell Offshore Inc and 40% by Chevron.
‘Whale demonstrates our focus on driving more value with less emissions from our Upstream business as we deliver the energy people need today,’ said Shell‘s Integrated Gas and Upstream Director Zoe Yujnovich.
‘It will make a significant contribution to our commitment to bring projects online, with a total peak production of more than 500,000 barrels of oil equivalent per day from 2023 through 2025.’
‘Production from Whale brings Chevron another step closer to reaching 300,000 net barrels of oil equivalent per day in the US Gulf of Mexico by 2026,’ said Bruce Niemeyer, president, Chevron Americas Exploration & Production. ‘As a leading leaseholder in the Gulf, where we produce some of the lowest carbon intensity oil and natural gas in the world, Chevron is well positioned to continue growing affordable, reliable production in the US while delivering higher returns and cash flow.’
With an estimated peak production of 100,000 barrels of oil equivalent per day, Whale currently has an estimated recoverable resource volume of 480 million boe.
Current Shell stock price: 2,602.50 pence
12-month change: up 4.9%
Current Chevron stock price: $150.30
12-month change: up 3.2%
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