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Will New Oil Reserve Discovery Impact Crude Oil Prices?

Will New Oil Reserve Discovery Impact Crude Oil Prices?

Will New Oil Reserve Discovery Impact Crude Oil Prices?

The company revealed that now a sidetrack well is being drilled to further evaluate the Ballymore discovery and to start chalking out development options.

The new "Whale" well struck a potentially major oil payload while drilling to about 23,000 feet in the deepwater Gulf about 200 miles southwest of Houston, Shell said. The Whale discovery "shows how, through exploration, we are sustaining a strong pipeline of discoveries and future projects to sustain this deepwater growth".

Total's acquisition of a 40 percent working interest in Ballymore was part of an exploration agreement along with Chevron, which has 60 percent, signed in September 2017.

Mexico sold 19 offshore oil and gas blocks in the Gulf of Mexico for $525 million (€423 million) on Wednesday in the country's biggest auction since opening up its oil sector to foreign investment in 2013.

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Shell was also a big victor in an oil auction for blocks in Brazil's deepwater in October, snapping up three blocks in the presalt region in the country's Atlantic waters. "The result is another opportunity to think differently about ways we can competitively develop deepwater resources".

The company said it expected global deepwater production to exceed 900,000 boe per day by 2020, from already established areas. Ballymore is in water 6,536 feet deep about three miles from Chevron's Blind Faith platform. "Whale.is particularly special in that it offers a combination of materiality, scope and proximity to existing infrastructure", said Marc Gerrits, executive V.P. of exploration for Royal Dutch Shell. French oil and gas major Total through its subsidiary Total E&P U.S. holds the remaining stake of 40% in the offshore prospect.

Shell did not provide estimates of the potential reserves in its new discovery.

Earlier this month the French supermajor extended its GOM partnership with Chevron after buying Samson Offshore Anchor LLC.

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