Shell, Statoil to proceed with eight-well subsea project southeast of New Orleans. Shell Offshore, Inc. will proceed with the Vito deep-water development in the U.S. Gulf of Mexico. The Royal Dutch Shell plc subsidiary’s final investment decision, which assumes a break-even price below $35 per barrel, sets in motion the construction and fabrication of a new, simplified host design and subsea infrastructure, Shell Offshore said in a written statement. “With a lower-cost development approach, the Vito project is a very competitive and attractive opportunity industry-wide,” Andy Brown, Shell Upstream Director, stated. “Our ability to advance this world-class resource is a testament to the skill and ingenuity of our development, engineering and drilling teams.” According to Shell, the Vito development – located beneath more than 4,000 feet of water over four blocks in the Mississippi Canyon area of the Gulf – will comprise eight subsea wells with deep (18,000 feet) […]