Shell Plc Bets Bigger On Gulf Of Mexico As Ineos Tie-Up Puts Fort Sumter Back In Play
Shell Plc and Ineos Energy are moving forward with oil and gas exploration projects close to Shell’s Appomattox platform in the Gulf of Mexico, The Times reported. That includes ongoing work at the Fort Sumter discovery and plans for a potential new exploration well, which could be drilled before the decade wraps up. The effort comes as Shell looks to sharpen its U.S. offshore strategy, landing just ahead of its first-quarter earnings release. Timing is a key issue here. Shell CEO Wael Sawan faces mounting demands to clarify how the company—the biggest in Europe by oil and gas market value—intends to replenish its shrinking reserves without compromising hefty cash returns. Back in February, Reuters flagged that Shell’s reserve life had