Royal Dutch Shell (RDSa.L) announced plans on Monday to develop a new oilfield in the Gulf of Mexico, its first major project to get the go-ahead since a Dutch court ordered the energy company to accelerate its carbon emissions reduction targets.
The Whale development, operated by Shell which owns 60% of the project, alongside Chevron (CVX.N) with 40%, is expected to reach peak production of around 100,000 barrels of oil equivalent per day (boed), Shell said in a statement.
Whale, which was discovered in 2017, holds a recoverable resource of 490 million barrels of oil equivalent and is scheduled to begin production in 2024.
In May, a court in The Hague ordered Shell to accelerate its energy transition plans and reduce greenhouse gas emissions by 45% by 2030, significantly faster than its current plan. Such cuts would mean shrinking its oil and gas business.