LONDON: Royal Dutch/Shell will build the world’s deepest offshore oil and gas facility, pushing the boundaries of industry technology to search three kilometers underwater in the Gulf of Mexico.
The project go-ahead demonstrates Shell’s confidence in pricey offshore projects despite a recent downturn in oil prices.
BP recently decided to delay development of its biggest new Gulf of Mexico project, Mad Dog Phase 2, citing tough market conditions and fast-rising costs.
Shell’s 100 percent-owned Stones field was discovered in 2005 some 200 miles southwest of New Orleans and encompasses eight lease blocks in the Gulf of Mexico’s Lower Tertiary geologic trend — one which produced the Anglo-Dutch oil company’s Perdido development.
Perdido, at 9,365 feet below the surface, is the world’s deepest offshore well. The Stones field is deeper, at 9,500 feet (2,896 meters).
Production during the first phase of Stones is expected to have an annual peak of 50,000 barrels of oil equivalent per day, Shell said in a statement.
Shell will build a floating production, storage, and offloading (FPSO) vessel and subsea infrastructure.
The FPSO will be able to “weathervane” in the wind to reduce stress on the structure.
It will be moored using a combination of polyester rope and chain and, at a later stage, a new generation of super-efficient sea floor pumping technology will be used.
“This important investment demonstrates our ongoing commitment to usher in the next generation of deepwater developments, which will deliver more production growth in the Americas,” said John Hollowell, Executive Vice President for Deepwater, Shell Upstream Americas.
Shell to drill world’s deepest offshore oil well
Shell to drill world’s deepest offshore oil well
Saudi Arabia signs 90 deals as Global Labor Market Conference conference ends
RIYADH: Saudi Arabia signed 90 agreements and memorandums of understanding aimed at supporting global labor markets and benefiting more than 6 million people as the Kingdom wrapped up a two-day gathering in Riyadh.
The third Global Labor Market Conference saw deals struck between government entities and private-sector partners, spanning skills development, digital transformation, flexible employment and sustainable workforce partnerships. Officials said the initiatives will have an impact both inside and outside Saudi Arabia.
The event attracted more than 10,000 participants from over 100 countries, including 40 labor ministers and more than 200 international experts. Organized by the Ministry of Human Resources and Social Development, the event was held under the theme “Future in Progress.”
Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi stated in a post on X that the conference concluded after two days of discussions focused on practical solutions for current and future labor market challenges.
“We discussed the future of skills, the impact of artificial intelligence, building resilient and inclusive labor markets, and empowering talent,” he said, adding that the conference is designed as a continuous platform for year-round cooperation, with partnerships and knowledge exchange extending beyond the event itself.
Al-Rajhi also chaired a high-level ministerial meeting which was also attended by the director general of the International Labor Organization, during which participants agreed on six measures to help shape the future of work.
The conference saw the release of several reports, including an international guide titled “What Works for Work: A Guidebook to Proven and Promising Employment Solutions,” produced in collaboration with the World Bank.
Another report, “A Decade of Progress,” reviewed the transformation of Saudi Arabia’s labor market over the past 10 years, documenting achievements since the launch of Vision 2030.
Other outcomes included the graduation of the first cohort of the Labor Market Academy, comprising 36 graduates from 34 countries, and the launch of a second cohort.
The event also featured a policy hackathon focused on securing first jobs for new labor market entrants, while side events highlighted milestones such as a decade of the Musaned platform for domestic workers.
The conference concluded by reaffirming Saudi Arabia’s role in shaping the future of work globally through innovation, partnerships and workforce empowerment.
Saudi Arabia’s economic transformation is being significantly accelerated by its booming events industry, which has evolved into a primary driver of growth alongside traditional infrastructure and giga-projects.
