Oil Major Shell has discovered a large oil deposit in the Leopard area with over 600 feet of net oil throughout multiple levels. The Leopard prospect is in the Perdido Corridor and is about 250 miles SE of Houston. According to Shell Deepwater Executive Vice President Paul Goodfellow, "Leopard expands our leading position in the Gulf of Mexico and is an exciting addition to our core portfolio, especially given its proximity to existing infrastructure and other discoveries in the Perdido Corridor.”
Shell is already one of the largest producers of oil in the Gulf of Mexico with its Great White, Silvertip and Tobago fields which are also in the Perdido Corridor in addition to its numerous holdings closer to the Texas and Louisiana coasts. Following news of the discovery, Shell said that it was investigating and evaluating the specifics of its new find to determine how best to tap into the Leopard oil play.
Despite Shell’s new discovery, the Anglo-Dutch energy company continues to invest heavily in renewable energy such as wind and solar, with 2021 seeing the highest amount of investment, exceeding $20 billion. Shell has also been divesting itself of refineries that produce only gas and other transportation products with the sales of 2 refineries in 2020, opting instead to keep and build up its refineries like Deer Park near Houston which also produces several other refined products used in the making of other items such as plastics, pharmaceuticals, synthetic fibers, and components used in electronics.