THE NORWAY POST: Shell to increase activity on Norwegian Shelf: Tuesday 27 December 2005
Oil company Shell will increase its activities in the Norwegian Sea, but considers the risk in the Barents Sea as too great for the company to take part in exploration is this area.
While several of the other large international oil companies have shown reduced interest in the Norwegian Shelf, Shell has decided on a considerable increase in its efforts there, Aftenposten writes.
Shell Norway's CEO, Jan Nic.Vold says to the newspaper that although Shell has been active in the Barents Sea in longer periods, it has at this time chosen to concentrate on the Norwegian Sea. He says the geological uncertainty is greater in the Norwegian part of the Barents Sea.
Vold says the prospects are still good for interesting new finds on the Norwegian Shelf.
Half of the company's total exploration budget for Europe of NOK 700 million will be spent on the Norwegian Shelf. Shell will also increase the number of employees by 150 persons.
The company has called for a doubling of the Norwegian production, and Vold says that Shell is about to reach that goal.
Click here to return to ShellNews.net HOME PAGE