Shell heading back to deepwater drilling, where breakeven costs are now as low as $30, they say

Brazil, the Gulf of Mexico and West of Shetland are among the most attractive, head of exploration & production Andy Brown tells the FT.

He also mentions some drawbacks in US shale. FT: “He said shale oil projects were “more volatile”, pointing to bottlenecks in the Permian basin and rising costs as crude prices rebound. These types of problems can have “a dampening effect” on returns.”

No mention of implications for carbon budgets, either for their operations or if the rest of the industry follows them, of course. No legal requirement or effective pressure on them so to do.

Image: screenshot from Shell YouTube video

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