Wednesday, October 6, 2010

Shell (NYSE:RDS-A) Adding Second Mars Field Platform

Shell Oil Co. (NYSE:RDS-A) announced it is adding a second tension-leg platform to Mars field off the coast of Louisiana.

Shell’s Upstream Americas director and president, Marvin Odum said, "This significant investment decision demonstrates Shell's continued
commitment to responsibly maximize deepwater oil and gas recovery.”

Odum added it's a part of the growth strategy of the company over the next four years, where he says Shell believes exploration and production in the Gulf for the company will be successful going forward.

Shell holds a 71.5 percent interest in the Mars Olympus TLP, while BP (NYSE:BP) holds the other 28.5 percent interest.

North American upstream projects will draw about $10 billion of investment annually from the company said Odum.

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