By Oliver Griffin 
 

Royal Dutch Shell PLC (RDSB.LN) said Wednesday that it has made a significant discovery at the Blacktip prospect in the deep water U.S. Gulf of Mexico.

The British-Dutch oil giant said the find presents an opportunity to augment existing production in the Perdido-platform area, where Shell's Great White, Silvertip and Tobago fields are already producing.

Drilling at the initial Blacktip well is still underway, Shell said. To date, drilling has encountered more than 400 feet of net oil pay with good reservoir and fluid characteristics.

Blacktip is operated by Shell, which has a 52.4% stake in the prospect. Subsidiaries of Chevron Corp. (CVX), Equinor ASA (EQNR.OS) and Repsol SA (REP.MC) own 20%, 19.1% and 8.5% stakes respectively in the prospect.

 

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

 

(END) Dow Jones Newswires

April 24, 2019 09:42 ET (13:42 GMT)

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