Royal Dutch Shell said Wednesday it has found 100 million barrels of oil equivalent at its Kaikias discovery, which is located about 60 miles off Louisiana’s coast.
In August, appraisal drilling at Kaikias revealed nearly 300 feet of net oil pay, the company said. Shell owns and operates three production facilities in the Mars-Ursa basin, which could reduce costs to develop the 1-year-old discovery.
At 34,500 feet underground, the well was the longest Shell has drilled.
Shell said this month that it doesn’t anticipate major layoffs in its deepwater presence in New Orleans despite a global restructuring that’s underway.