INEOS Energy (21% WI) has announced a new oil Norphlet discovery in the Gulf of America. The Shell (79% WI) operated well, Nashville, marks INEOS' first successful exploration well in the region. 

The Nashville exploration well was drilled more than five miles beneath the seabed and confirmed high-quality oil in one of the Gulf’s most promising deepwater formations. The discovery could be tied back to the nearby Appomattox production platform, which is operated by Shell and jointly owned with INEOS.

David Bucknall, CEO of INEOS Energy, said: "This is a good result for INEOS Energy and an important step in building our presence in the US Gulf where world-class resources are to be found and developed responsibly. We believe Nashville will help strengthen energy security and provide reliable supplies for many years to come."

The company said the discovery was drilled using the Deepwater Proteus, one of the world’s most advanced offshore rigs. Further technical work is now under way to determine the size of the find. 

Heather Osecki, CEO of INEOS Energy’s US Gulf business, said: "The drilling results at Nashville are very encouraging and fully in line with what we hoped to find. This discovery is an important first step in our plans to grow our existing assets while we look to further strengthen our position in the Gulf. We look forward to continuing our work to bring further value to the Appomattox host platform."

INEOS holds a 21% working interest with Shell, the operator, holding the remaining 79%.

About INEOS Energy

INEOS Energy is the energy division of INEOS, a multinational chemical company that operates across a variety of industries including petrochemicals, specialty chemicals, and oil and gas. The business was established in 2020 to oversee the company's growing portfolio of energy-related businesses, which includes exploration and production, as well as trading of oil and gas.

The company's exploration and production activities focus on onshore and offshore oil and gas assets in the North Sea, in the UK, Denmark and USA. In recent years, it has made investments in low-carbon technologies, including Carbon Capture and Storage, and hydrogen.

INEOS Energy leads a consortium which completed the world’s first cross border offshore carbon capture and storage project. The Greensand project has potential sequestration volumes of 1.5 million tonnes of CO2 per year by 2025, increasing to a potential 8 million tonnes of CO2 per year by 2030.

INEOS is also part of a consortium of eleven companies that support the large-scale deployment of carbon capture and storage (CCS) technology in Houston, Texas. The potential storage capacity in the Houston area alone could lead to capturing and safely storing up to 50 million metric tons of CO2 per year by 2030 and about 100 million metric tons by 2040.

INEOS is involved in several projects to develop demand for hydrogen, replacing existing carbon-based sources of energy, feedstocks and fuel. It expects to develop further partnerships with leading organisations involved in the development of new applications.

The company has also pledged to reduce its carbon footprint and achieve net-zero emissions by 2050.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.