Shell recognised an impairment of $515 million in its latest set of quarterly results in relation to its Stones development in the deep-water US Gulf of Mexico, writes Rob Watts.
Shell chief financial officer Jessica Uhl said the write-down largely related to the Anglo-Dutch supermajor’s increasing understanding of the reservoir and poorer than anticipated exploration results.
Stones is located in a remote part of the Walker Ridge area and is produced via a floating production, storage and offloading unit.
