Shell (SHEL) Makes New Oil Discovery in Gulf of America

Shell plc (NYSE:SHEL) is included among the 12 Best Crude Oil Stocks to Buy for Dividends.

Shell plc (NYSE:SHEL) is an integrated energy company with operations spanning exploration, production, refining, marketing, and chemical manufacturing, alongside growing investments in biofuels and hydrogen.

Shell plc (NYSE:SHEL) received a boost this week when it was revealed that the company, in partnership with INEOS, has made a new oil discovery in the Gulf of America after confirming hydrocarbons at the Nashville exploration well in the offshore play’s Norphlet region. Shell operates the well with a 79% working interest, while Ineos holds the remaining 21%.

In other news, it was revealed on December 12 that Shell plc (NYSE:SHEL) has selected Valaris drillship, VALARIS DS-8, for operations off the coast of Brazil. The multi-year contract, valued at approximately $300 million, will see the drillship deployed at the oil supermajor’s Orca project, formerly known as Gato do Mato. The project is designed to produce up to 120,000 barrels of oil per day, with start-up of production scheduled for 2029. The firm contract with Valaris is scheduled to commence in the first quarter of 2027 and has an estimated duration of approximately 800 days, with the option to extend by approximately one year.

Shell plc (NYSE:SHEL) was also recently included in our list of the Best Non-US Stocks to Buy According to Hedge Funds.

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