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Shell: New Perdido Field Shut By US Drilling Moratorium

THE WALL STREET JOURNAL

JULY 29, 2010

LONDON (Dow Jones)–Royal Dutch Shell PLC’s (RDSB) new Perdido field in the Gulf of Mexico was shut down in April by the U.S. drilling moratorium less than a month after starting up and won’t resume production until October, said the company’s Chief Financial Officer Simon Henry Thursday.

The six-month ban on deep water drilling in the Gulf of Mexico in response to the BP PLC (BP) blowout and oil spill prevented essential development drilling on the field, said Henry. When work resumes in October, the field will ramp up to its peak production of 100,000 barrels of oil equivalent a day more slowly than previously expected, he said.

Shell has seven drilling rigs idled and has taken a charge of $56 million in the second quarter because of the moratorium, Henry said. Shell’s 2010 output will also be 8,000 barrels a day lower because of the drilling ban, he said.

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected]

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