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Shell returns to deepwater drilling

Break-even prices are now so low that oil major Shell is once again ready to invest in deepwater drilling, which can compete with or deliver higher returns than shale, Shell's head of exploration tells Financial Times.

Photo: Shell

Oil major Shell is once again investing in deepwater drillings.

Break-even prices on deepwater wells are now so low that it has again become profitable to drill for oil on the ocean floor, and the returns could surpass even the much more low-cost shale oil projects in the US, for example, Shell's head of exploration, Andy Brown, tells Financial Times.

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