Shell announced yesterday that it has made a final investment decision and is moving forward to open up new oil developments in the deep waters of the U.S. Gulf of Mexico. Shell plans to build what it says will be the largest floating platform in the Gulf of Mexico to tap into the deepwater Appomattox prospect. Average production is expected to be about 175,000 barrels of oil equivalent per day. Persistently low crude oil prices stretching back into 2014 have meant less spending for oil and gas exploration throughout the industry, but Shell stated that it should break even at Appomattox with Brent crude oil priced at around $55 per barrel.
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