Shell acquires major stake in BP’s Gulf of America prospect
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Shell has expanded its deepwater portfolio after acquiring a 30 per cent interest in the Conifer exploration prospect operated by oil giant BP Exploration and Production and located in the US Gulf of America. Under the agreement, Shell subsidiary Shell Offshore Inc. will acquire five offshore leases comprising the Conifer prospect, situated within the Keathley Canyon area roughly 400 kilometres south-west of New Orleans. The prospect sits adjacent to the Kaskida host development. BP will retain a 70 per cent working interest and remain operator of the asset. The joint venture partners expect to spud the initial exploration well at Conifer in 2027. Colette Hirstius, Shell's Executive Vice President for the Gulf of America and Shell USA President, noted the importance of the acquisition in maintaining the company's strong footprint in the energy-rich region. "The Gulf of America remains a world-class basin, and we are continually looking for opportunities to grow our position and create value," Hirstius said. "Conifer is another way to strengthen our position in this highly competitive region." Shell currently stands as the largest producing leaseholder in the Gulf of America. The company said that its operations in the basin boast among the lowest greenhouse gas emissions intensity globally when compared with other producing oil and gas members of the International...
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