Royal Dutch Shell has delayed its $700 million planned investments in the Gulf of Mexico, Bloomberg reports. The move follows disruptions to its operations in the region due to the oil spill in 2010, which cost Shell about $260 million.
The drilling ban had cost Shell to loose 10,000 barrels per day of high-value production. Shell is also planning three exploratory wells about 130 miles off the Louisiana coast. The Gulf accounts for about a third of Shell’s total production in the Americas.
Click here for the story from Bloomberg.