LONDON (Alliance News) - Royal Dutch Shell PLC on Thursday said its subsidiary Shell Offshore Inc has started production from the Kaikias project a year ahead of schedule.
Kaikias is a subsea development in the US Gulf of Mexico, in the Mars-Ursa basin around 130 miles from the coast of Louisiana.
Shell, which owns 80% alongside partner MOEX North America LLC, a subsidiary of Mitsui Oil Exploration Co Ltd, said it has an estimated peak production of 40,000 barrels of oil a day.
The blue-chip oil firm said it has reduced costs by 30% since taking the investment decision in early 2017, meaning the break-even price in future will be less than USD30 per barrel of oil.
Shell 'A' shares were down 0.1% at 2,618.00 pence each, and 'B' shares were up 0.1% at 2,689.50p.
