Latest news with #Shell-operated
Yahoo
5 days ago
- Business
- Yahoo
Shell makes FID on Aphrodite gas project in Trinidad and Tobago
Shell Trinidad and Tobago has announced the final investment decision (FID) to commence production at the Aphrodite gas field in the East Coast Marine Area (ECMA). The move is set to enhance Shell's integrated gas business by leveraging resources in the prolific gas-producing region. Shell said: "The ECMA is currently home to Shell's largest gas-producing fields in the country including Dolphin, Starfish, Bounty and Endeavour." The field's was discovered in 2022. Once operational, the Aphrodite project will serve as a back fill for the Atlantic LNG (ALNG) plant in Point Fortin. The increased production will help maximise the potential utilisation of Shell's existing assets. Shell Trinidad and Tobago country chair and senior vice-president Adam Lowmass said: "This investment is testament to our commitment to help secure the energy future of TT [Trinidad and Tobago] on several fronts.' The development of the Aphrodite field is contingent upon receiving all necessary regulatory approvals. With an anticipated start date in 2027, the field is expected to reach peak production of around 18,400 barrels of oil equivalent per day (boepd). Shell plans to implement a new single subsea tieback to the existing infrastructure within the Barracuda subsea network for the project. The company also outlined that gas from Aphrodite will supply the domestic market via the National Gas Company, while exports for the liquefied natural gas (LNG) market will be processed through the Shell-operated Beachfield gas processing facility onshore. Moreover, Shell aims to reinforce its leading position in the LNG sector, targeting a growth in sales of 4–5% per annum up to 2030. The company's LNG Outlook 2025 suggests that Aphrodite's potential is further bolstered by the expected 60% increase in LNG demand by 2040, driven by economic growth in Asia. Trinidad and Tobago Energy Minister Roodal Moonilal was quoted by Trinidad and Tobago Newsday as saying: 'We are pleased that Shell has progressed the Aphrodite project to FID. We are also pleased with the stated timeline of the project, which aims to realise first gas by 2027 at a rate of approximately 107 million cubic feet per day. "This new natural gas development project is important as it helps counter declining production from the maturing reservoirs in the Shell-operated ECMA. The ministry, in its role as regulator, will work with Shell to ensure the safe and timely completion of this project." "Shell makes FID on Aphrodite gas project in Trinidad and Tobago" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-05-2025
- Business
- Yahoo
Shell subsidiaries increase working interest in Ursa platform in Gulf of Mexico
Shell Offshore and Shell Pipeline Company Limited (SPLC), subsidiaries of Shell, have increased their stake in the Ursa platform in the Gulf of Mexico from 45.39% to 61.35%. The two subsidiaries signed an agreement in February this year to increase their working interest in the platform with the purchase of a 15.96% working interest from ConocoPhillips Company (COP). The move is part of Shell's strategy to invest in profitable and carbon-competitive oil and gas projects that have a robust integrated value chain. Furthermore, expanding Shell's interest in existing assets supports stable liquids production from its 'advantaged' upstream business. Shell is the operator of the Ursa tension-leg platform (TLP) and holds a 61.35% working interest ownership, alongside BP Exploration & Production with 22.69% and ECP GOM III with 15.96%. The transaction with ConocoPhillips Company also comprises a 11.81% membership interest in the Shell-operated Ursa Oil Pipeline Company, now held by SPLC; COP's 1% working interest in the Europa prospect, which is also operated by Shell; and COP's 3.5% overriding royalty interest in Ursa. This royalty interest was acquired by COP as part of its merger with Marathon Oil Corporation, completed in November 2024. The Ursa TLP, which began production in 1999, is situated approximately 209km south-east of New Orleans in the Mars Basin, a prolific hydrocarbon region. Over the past 25 years, the Ursa/Princess field has produced a gross total of more than 800 million barrels of oil equivalent. This latest deal comes after Shell Eastern Trading finalised the purchase of Pavilion Energy last month. The deal includes Pavilion Energy's LNG portfolio, which has a contracted supply volume of around 6.5 million tonnes per annum. In April, Reuters reported that Shell is set to finish a marine survey at Venezuela's Dragon offshore gas field. "Shell subsidiaries increase working interest in Ursa platform in Gulf of Mexico" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
02-05-2025
- Business
- Yahoo
Shell subsidiaries increase working interest in Ursa platform in Gulf of Mexico
Shell Offshore and Shell Pipeline Company Limited (SPLC), subsidiaries of Shell, have increased their stake in the Ursa platform in the Gulf of Mexico from 45.39% to 61.35%. The two subsidiaries signed an agreement in February this year to increase their working interest in the platform with the purchase of a 15.96% working interest from ConocoPhillips Company (COP). The move is part of Shell's strategy to invest in profitable and carbon-competitive oil and gas projects that have a robust integrated value chain. Furthermore, expanding Shell's interest in existing assets supports stable liquids production from its 'advantaged' upstream business. Shell is the operator of the Ursa tension-leg platform (TLP) and holds a 61.35% working interest ownership, alongside BP Exploration & Production with 22.69% and ECP GOM III with 15.96%. The transaction with ConocoPhillips Company also comprises a 11.81% membership interest in the Shell-operated Ursa Oil Pipeline Company, now held by SPLC; COP's 1% working interest in the Europa prospect, which is also operated by Shell; and COP's 3.5% overriding royalty interest in Ursa. This royalty interest was acquired by COP as part of its merger with Marathon Oil Corporation, completed in November 2024. The Ursa TLP, which began production in 1999, is situated approximately 209km south-east of New Orleans in the Mars Basin, a prolific hydrocarbon region. Over the past 25 years, the Ursa/Princess field has produced a gross total of more than 800 million barrels of oil equivalent. This latest deal comes after Shell Eastern Trading finalised the purchase of Pavilion Energy last month. The deal includes Pavilion Energy's LNG portfolio, which has a contracted supply volume of around 6.5 million tonnes per annum. In April, Reuters reported that Shell is set to finish a marine survey at Venezuela's Dragon offshore gas field. "Shell subsidiaries increase working interest in Ursa platform in Gulf of Mexico" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Cision Canada
01-05-2025
- Business
- Cision Canada
Shell completes acquisition of working interest in the Ursa platform in Gulf of America
HOUSTON, May 1, 2025 /CNW/ -- Shell Offshore Inc. and Shell Pipeline Company (SPLC), subsidiaries of Shell plc (Shell), have completed the previously announced agreement to increase their stake in the Ursa platform in the Gulf of America from 45.3884% to 61.3484%. This acquisition is part of Shell's strategy to invest in profitable and carbon-competitive oil and gas projects with a strong integrated value chain. Deepening Shell's interest in existing assets also contributes to maintaining stable liquids production from its advantaged Upstream business. Notes to editors Shell is the operator of Ursa Tension-Leg Platform (TLP) and holds a 61.3484% working interest (WI) ownership in the asset with BP Exploration & Production Inc. (22.6916% WI) and ECP GOM III, LLC (15.96%). The transaction also includes the following from ConocoPhillips: 11.81% membership interest in the Shell-operated Ursa Oil Pipeline Company LLC, which will be held by SPLC. The agreement has been adjusted following preferential rights election by partners, bringing Shell's working interest in the Ursa pipeline from 45.39% to 57.20%. 1% WI in the Europa prospect (also operated by Shell). 3.5% Overriding Royalty Interest (ORRI) in Ursa. Shell US is the leading deep-water operator and the largest producer of oil and gas in the Gulf of America, focused on opportunities close to its existing assets in the most prolific corridors. Cautionary Note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this press release refer to entities over which Shell plc either directly or indirectly has control. The terms "joint venture", "joint operations", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest. Forward-Looking statements This press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim"; "ambition"; ''anticipate''; "aspire", "aspiration", ''believe''; "commit"; "commitment"; ''could''; "desire"; ''estimate''; ''expect''; ''goals''; ''intend''; ''may''; "milestones"; ''objectives''; ''outlook''; ''plan''; ''probably''; ''project''; ''risks''; "schedule"; ''seek''; ''should''; ''target''; "vision"; ''will''; "would" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2024 (available at and These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, May 1, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release. Shell's net carbon intensity Also, in this press release we may refer to Shell's "net carbon intensity" (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's "net carbon intensity" or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries. Shell's net-zero emissions target Shell's operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell's operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target. Forward-Looking non-GAAP measures This press release may contain certain forward-looking non-GAAP measures such as acquisitions. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements. The contents of websites referred to in this press release do not form part of this press release. We may have used certain terms, such as resources, in this press release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website
Zawya
27-03-2025
- Business
- Zawya
East Africa's Energy Renaissance: East African Crude Oil Pipeline (EACOP), Tanzania Liquefied Natural Gas (LNG) Set to Transform the Region
Representing a strategic oil and gas frontier, the East African region offers significant opportunities for investors. Large-scale infrastructure projects such as the East African Crude Oil Pipeline (EACOP) and Tanzania LNG project are not only expected to drive economic growth in the region, but also trigger an oil and gas renaissance in East Africa. As the region gains increasing attention from international stakeholders, it is poised to become a key player in the global energy landscape, attracting both foreign investments and strategic partnerships. EACOP Set to begin exporting oil in 2026, the 1,443-km EACOP will play a vital part in driving East Africa's energy renaissance. Currently in the EPC stage, the pipeline connects the Kingfisher and Tilenga oilfields – set to come online in 2025 – with international markets via Tanzania's Port of Tanga, offering a direct export route to global markets. Recent developments showcase the strong commitment by project developers TotalEnergies and China National Offshore Oil Corporation (CNOOC), as well as the respective national oil companies of Uganda and Tanzania, to advancing the project. In March 2025, EACOP conducted orbital welding training in Uganda to support the development and maintenance of the pipeline. The training aligns with local content and technology transfer aspirations, facilitating greater participation by local communities in the pipeline's development. Earlier this month, the project operators completed the first Integrated E-House Main Line Block Valve. The valve represents the first of 65 stand-alone MLBV E-station containers – 59 of which are along the export pipeline and 6 along the Tilenga Feeder Line – that will support pipeline operations. The Government of Tanzania and EACOP signed an MoU in February 2025 on project security, reinforcing a shared commitment to ensuring safe and secure operations. One of the biggest challenges faced by the project has been access to financing. To date, the pipeline has secured $2 billion in global financing, representing the largest single investment in both Uganda and Tanzania. However, EACOP is seeking an additional $3 billion in debt financing to fast-track development. Standard Bank announced its support of the project in 2024, while China is expected to offer financing through Sinosure and the Export-Import Bank of China. While this support is vital, additional investment is needed to bring this project to fruition. Tanzania LNG The Tanzania LNG project aims to reach a final investment decision in 2028. Representing the largest gas project in Eastern and Southern Africa, the project will position Tanzania as a major LNG exporter, monetizing 16 trillion cubic feet (tcf) of gas resources within the Shell-operated Blocks 1 and 4 and 20 tcf in the Equinor-operated Block 2. The Tanzanian government is currently revising terms of a Host Government Agreement – initially reached in 2023 – with energy majors Shell, Equinor and ExxonMobil. Discussions are set to conclude by June 2025. Despite project delays, in 2024, Equinor affirmed its commitment to the $42 billion project, citing a need to reach mutually-beneficial commercial terms. Following the conclusion of these talks, the project developers will move forward with the development, engaging financiers to expedite the project's progress. Tanzania LNG will not only position the country as an LNG exporter, but also help monetize future discoveries offshore. Currently, the country is preparing to launch an international licensing round, with 26 blocks initially allocated for tender. At present, CNOOC is leading exploration, conducting seismic surveys in deepwater blocks near previously-discovered acreage. Fresh investment will bolster Tanzania's gas production, consolidating the region's position as an energy producer. African Energy Week: Bridging East African Investment The African Energy Week (AEW): Invest in African Energies conference – returning to Cape Town for its fifth edition from September 29 to October 3 – serves as a vital link between global investors and East African energy projects. Uniting project investors, operators, African governments and policymakers, the event aims to unlock new energy frontiers across the continent. This year's conference will provide updates on the EACOP and Tanzania LNG projects, while offering valuable insight into upcoming investment opportunities in East Africa's growing oil and gas sector. 'The EACOP and Tanzania LNG projects have the potential to transform the East African energy landscape, and finalizing these projects has become more critical than ever. AEW: Invest in African Energies will bridge the region's financing gap by connecting key players to discuss opportunities, challenges and development strategies,' stated Tomás C. Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
