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Royal Dutch Shell announced that it started oil production from its “Olympus” platform in the Gulf of Mexico. Shell thinks it can increase production to 1.1 billion boe. Although Shell did not include precise timelines, it says that the Mars field could last until “at least 2050.”
The company is using the Olympus to drill into its “Mars B” field, located at a depth of 3,000 feet. The Mars field averaged 60,000 barrels of oil per day (bpd) in 2013, but Shell thinks the Olympus can eventually get that rate up to 100,000 bpd. Shell is the operator with a 71.5% stake in the Mars field, and BP controls the remaining 28.5%.
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