BP - Shell adds production in Gulf of Mexico alongside BP

Shell (SHEL) announced the start of production at PowerNap Tuesday, a subsea tieback development in the Gulf of Mexico with peak production of ~20kboe/d. The wells will tie back to existing infrastructure at the Olympus hub, which is 28.5% owned by BP (BP); flows will be transported through the Mars pipeline, operated by Shell Midstream (SHLX). PowerNap was discovered in 2014, and highlights the long-term nature of offshore development. Shell (SHEL) is the largest producer in the Gulf of Mexico, though the Company has pivoted to US LNG in recent years.

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Shell adds production in Gulf of Mexico alongside BP