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Shell delays Australian drilling plans as crude oil prices dive

Screen Shot 2015-01-12 at 08.45.23From an article by Angela Macdonald-Smith published Monday 30 March 2015 in the Sydney Morning Herald:

Royal Dutch Shell delays WA drilling plans as crude oil price dives

Extracts

Royal Dutch Shell’s delay of the drilling of a $100 million-plus exploration well off Australia’s north-west coast is the latest example of modified plans in the wake of the plunge in crude oil prices, which sources say have driven some companies to renege on work commitments.

Shell’s Cronus-1 well was due to start drilling this quarter in the Browse Basin, targeting a large gas discovery, but the well has been put back until later in 2015. Wells by Japan’s Inpex Corporation and Santos planned off Western Australia’s coast have also been deferred recently, while several others have sought modifications to permit terms to allow them to cancel or delay work.

However, a Shell spokesman rejected the suggestion the company had put off drilling Cronus because of the drop in prices, although he couldn’t give a reason for the delay.

FULL ARTICLE

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