LONDON (Thomson Financial) - Royal Dutch Shell Plc said it has started
efforts to pump more oil from the Gulf of Mexico's Ursa and Princess fields
which have so far produced nearly 400 million barrels of oil equivalent.
The fields are the subject of Shell's waterflood project, in which water is
injected into the reservoir to displace additional oil. First injection of water
occurred on July 3 and Shell plans to carry on doing this for the next 30 years.
"With a listed volume enhancement capacity of 30,000 barrels of oil
equivalent per day, the waterflood is expected to extend the life of the field
by 10 years," said Russ Ford, vice president of Shell Americas.
"Ursa-Princess has produced nearly 400 million barrels of oil equivalent to
date and we believe potential exists for continued development of material oil
and natural gas within this basin," he added.
Shell is the operator of the project with a 45.39 percent stake. BP Plc owns
22.69 percent, while Exxon Mobil Corp and ConocoPhillips Co each have 15.96
percent.
monicca.egoy@thomsonreuters.com
mbe/slm
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