Shell expands Alaska portfolio

vampyregirl · Heavy Crude Joined: Dec 19, 2007 Posts: 331

Shell is the high bidder on 275 lease blocks in the Chukchi Sea, offshore Northwest Alaska. the bid was $2.1 billion US.
Shell also holds leases in the Beaufort Sea and has completed the first 3D Seismic program ever conducted in the Beaufort and Chukchi and found them to be high potential basins.
These new leases soldify Shell's position in Alaska and shows commitment to development and production.

ReducedToZero

Haha, what ever happened to sticking your thumb in the dirt and having it squirt out black gold 100 feet in the air.

TheDude

The Mukluk structure looked promising, too. $2 billion for a dry hole, in the same region, mostly spent on leases. They're drilling test wells at the moment though, no more artificial islands as far as I know.

News link: First Break.

These blocks are 50+ miles offshore - wonder what it's going to be like in the future with more and more iceberg activity from the increase in melting.
_________________
Cogito, ergo non satis bibivi
Could you slide your shorts down please?

vampyregirl · Heavy Crude Joined: Dec 19, 2007 Posts: 331

Estimates for the Chukchi are 15 billion barrels of oil and 77 trillion cubic feet of natural gas in untapped reserves. That is pretty promising.

Plantagenet

vampyregirl · Heavy Crude Joined: Dec 19, 2007 Posts: 331

The Chukchi is certainly a major oil and gas play. It presents many challenges including the extreme weather conditions, but the potential rewards make it worth the effort.

ROCKMAN

Dude,

If I recall correctly from an ages old report I once read there's no big ice burg potential...just ice sheets. Not too big a deal. At least that was what Capt. Edward Smith once said.