Shell Earnings Higher With LNG and Oil Prices

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    Royal Dutch Shell $RDSA reported strong first quarter…



    [b]Royal Dutch Shell PLC announced Friday made a sixth oil discovery in its Norphlet play in the Gulf of Mexico.
    The Dover well is 100% owned by Shell and is located about 170 miles southeast of New Orleans.

    Last month Shell launched its multibillion Appomattox platform into the Gulf, and the newly discovered well is 13 miles south of the platform’s location. It is estimated the Dover to Appomattox locale will save billions in costs for building another platform.

    Appomattox is owned 21% by Nexen, the North American subsidiary of China National Offshore Oil Co. Ltd. (NYSE: CEO) or Cnooc, and is expected to be producing oil by the end of next year.

    Shell said the well was drilled in 7,500 feet of water to a depth of 29,000 feet below the seafloor. The net pay area of the well is 800 vertical feet, and the company gave no estimate of the number of barrels in the discovery. The Dover well is expected to begin production before the end of next year.

    Andy Brown, Shell’s upstream director, said: Dover showcases our expertise in discovering new, commercial resources in a heartland helping deliver our deep water growth priority. By focusing on near-field exploration opportunities in the Norphlet, we are adding to our resource base in a prolific basin that will be anchored by the Appomattox development.

    Source: courtesy of Royal Dutch Shell PLC

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