B737-700
Flight Crew Air Transport Pilot (ATP); Flight Crew Multiengine; Flight Crew Instrument
Aircraft Equipment Problem Critical
Air Traffic Control Issued New Clearance; Flight Crew Returned To Departure Airport; Flight Crew Landed As Precaution; Flight Crew Inflight Shutdown; Flight Crew Requested ATC Assistance / Clarification; General Maintenance Action; General Flight Cancelled / Delayed
Aircraft
On climbout; we experienced a Low Oil Quantity indication; and then shortly after a Low Oil Pressure indication for the number 2 engine. We initially assumed that we were having an oil gulping situation so we lowered the deck angle. The quantity continued to decrease and then we experienced the Low Oil Pressure indication for the number 2 engine. When we received the red Low Oil Pressure indication; we ran the QRH Checklist and were instructed to shut down the number 2 engine.After shutting down the number 2 engine; we contacted ATC. We then contacted Dispatch; Operations and the flight attendants. After landing flaps 15; we exited the runway and obtained the brake cooling data. We were given a 30 minute cooling time before going to the gate. We had Crash Fire Rescue check the brake temperatures and were told that the brakes were cool. We relayed this information to Maintenance Control and were advised to continue to the gate. The passengers were advised of the low oil situation via the PA and then deplaned.  I should have immediately taken the radios and controls while the First Officer ran the checklists; contacted Operations; flight attendants and ran the landing data.
The situation happened very quickly and in busy airspace with lots of radio congestion. At first; it was hard to tell if it was an indication issue. The QRH doesn't show anything regarding low oil quantity; so it's only with low pressure we realized there was a legitimate loss of oil occurring. I think given the time to accomplish and delegate tasks; we did well.
B737-700 flight crew reported returning to departure airport after shutting down #2 engine due to low oil quantity and pressure.