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
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
