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Shell starts production in Kaikias field one year ahead of schedule

City A.M. Thursday, 31 May 2018
Shell starts production in Kaikias field one year ahead of scheduleRoyal Dutch Shell has announced that it will be starting production at the Kaikias field in the Gulf of Mexico a year ahead of the planned start.

Since taking the decision to invest in the field in 2017, Shell has reduced costs at the deep-water project, which has a peak production of 40,000 barrels per day, by around 30 per cent, lowering the price of the oil to less than $30 (£23) per barrel.

Andy Brown, upstream director of Shell, said: “We believe Kaikias is the most competitive sub-sea development in the Gulf of Mexico and a prime example of the deep-water opportunities we're able to advance with our technical expertise and capital discipline.”

*Read more*: Shareholders have rebelled against Shell's €9m pay packet to its CEO

“In addition to accelerating production for Kaikias, we reduced costs with a simplified well design and the incorporation of existing sub-sea and processing equipment.”

The oil field is located about 130 miles off the coast of Louisiana in the Mars-Ursa basin and Shell has 80 per cent ownership of it while the remaining 20 is owned by the Japanese company Mitsui.

Kaikias is about 4,500 ft below the water surface and the production from Shell's four wells is sent to the Urda hub, co-owned by BP, ExxonMobil and ConocoPhilliops, and then exported via the Mars crude oil pipeline.

*Read more*: More investor rebellions brew as BP and Shell bosses' pay comes under fire

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