Energy Supply

Shell Starts Silvertip Phase 3 Output at Perdido Spar in Gulf

Shell Starts Silvertip Phase 3 Output at Perdido Spar in Gulf

Houston – October 29, 2026 -- Shell Offshore Inc. has started production at Phase 3 of the Silvertip project, adding two wells that are expected to produce up to 6,000 barrels of oil equivalent per day (boe/d) at peak rates at the Shell-operated Perdido spar in the Gulf of America.

Silvertip Frio wells are tied into existing subsea infrastructure

The two wells sit in the Silvertip Frio reservoir, where Shell holds 40% and operates, and Chevron U.S.A. holds 60%. Phase 3 connects them to subsea infrastructure already in place, avoiding a new host facility.

Current estimated recoverable volumes for Phase 3 are 17 million boe, classified as 2P under the Society of Petroleum Engineers' Resource Classification System. Both the peak rate and the resource estimate are 100% gross figures.

Venezuelan Crude Reaches Texas as NABEP Output Tops 223,000 boe/d

Venezuelan Crude Reaches Texas as NABEP Output Tops 223,000 boe/d

Corpus Christi, Texas – October 29, 2026 -- Two tankers carrying 1 million barrels of Venezuelan crude produced by North American Blue Energy Partners (NABEP) have arrived in Corpus Christi, the first shipment since the company's deal with the U.S. government.

U.S. government buys 20% of NABEP output at cost under August agreement

The cargo falls under the U.S. right to purchase 20% of NABEP's production at cost, with no markup. The right is part of NABEP's August agreement with the U.S. Departments of State and War. The government also received a 35% equity stake in NABEP's parent company. According to the company, the U.S. secured both at no cost to American taxpayers.

President Donald J. Trump and Secretary of State Marco Rubio visited the Port of Corpus Christi on Tuesday to see one of the tankers.