Shell Subsidiary To Invest In Waterflood Project At Its Kaikias Field In Gulf Of America

(RTTNews) - Shell plc (SHEL), Tuesday announced that its subsidiary Shell Offshore Inc. has taken a final investment decision (FID) on a waterflood project at its Kaikias field in the US Gulf of America.

The latest investment aims to maximize high-margin production and longevity in a core basin to maintain liquids production.

Under this decision, water will be injected to displace additional oil in the reservoir formation which supplies production to Shell's Ursa platform in the Mars Corridor.

Currently, SHEL is trading at $70.29, down 2.68 percent on the New York Stock Exchange.