focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Shell cuts exploration ambitions in Norway, to focus on natural gas

Tue, 09th Feb 2021 09:34

OSLO, Feb 9 (Reuters) - Royal Dutch Shell will
narrow its exploration scope in Norway to focus on natural gas
production and possibly offshore wind in future, it told the
Norwegian oil and energy ministry.

Shell said in October it planned to reduce its oil and gas
operations to nine basins around the world as part of its
strategy to reduce the carbon intensity of its operations. It is
expected to announce details of its new strategy on Thursday.

"In 2020, we have made a choice to focus exploration
activities in Norway going forward to areas around existing
discoveries and infrastructure," it said in a letter on the
ministry's website, published as part of a public consultation
for a government report on energy policy.

"That means that we now primarily position ourselves as a
gas company on the Norwegian shelf ... This is a business that
in the coming decades will create significant value for us as a
company and Norway as a nation," it added.

Shell said in the letter it might take part in offshore wind
power developments off Norway, calling the government to
consider tax incentives to spur investments.

A Shell spokesman said the firm did not rule out taking part
in future licensing rounds in Norway's frontier areas.

The Anglo-Dutch major operates Norway's second-largest gas
field Ormen Lange, and is a partner in the Equinor-operated
Troll field.

It also provides technical service at the Nyhamna plant,
which process natural gas from several fields for export to
Britain and continental Europe.

Shell's decision comes as Norway seeks bids from oil firms
in its latest frontier areas licensing round, which includes
more than 100 new blocks in the Arctic Barents Sea.

In 2016, Shell pulled out of Norway's Arctic-focused oil
licensing round, citing a need to adjust its portfolio after
merging with BG and due to low oil prices. It took part in the
next frontier areas round and was awarded one operatorship in
the Norwegian Sea in 2018.

Norway holds separate licensing rounds in the mature areas.
(Reporting by Nerijus Adomaitis; Additional reporting by Ron
Bousso in London; Editing by Edmund Blair)

More News
7 Jan 2022 08:17

LONDON BRIEFING: Shell warns on cash outflows but continues buybacks

LONDON BRIEFING: Shell warns on cash outflows but continues buybacks

Read more
7 Jan 2022 07:57

LONDON MARKET PRE-OPEN: Shell says buybacks to continue "at pace"

LONDON MARKET PRE-OPEN: Shell says buybacks to continue "at pace"

Read more
7 Jan 2022 07:49

Shell to proceed with share buyback 'at pace' despite weaker oil performance

(Sharecast News) - Royal Dutch Shell said its $7bn share buyback programme would continue "at pace" despite weaker oil product sales due to the Omicron Covid variant and forex headwinds in Turkey.

Read more
7 Jan 2022 07:27

UPDATE 3-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds share price)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue "at pace" a $7 billion share buyback largely funded from t...

Read more
7 Jan 2022 07:27

UPDATE 1-Shell to continue $7 bln buyback programme 'at pace'

(Adds detail)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COV...

Read more
7 Jan 2022 07:27

UPDATE 2-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds details, graphics)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue its $7 billion share buyback programme after selling ...

Read more
7 Jan 2022 07:10

Shell to continue $7 bln buyback programme 'at pace'

LONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COVID-19 variant.(Reporting b...

Read more
6 Jan 2022 23:48

U.S. court rejects laundromat owners' bid to block sale of Texas oil refinery to Mexico's Pemex

By Stefanie EschenbacherHOUSTON/MEXICO CITY, Jan 6 (Reuters) - A U.S. court on Thursday tossed out a request from two laundromat owners to block Mexican state oil company Petroleos Mexicanos (Pemex) from acquiring majority control of a Texas oil r...

Read more
6 Jan 2022 12:16

UPDATE 2-Key Kazakh oil fields pump despite protests

(Updates with Shell, details, background)By Ron Bousso and Rowena EdwardsLONDON, Jan 6 (Reuters) - Oil production at Kazakhstan's top three fields is continuing even as some contractors gathered outside the largest Tengiz field in support of protes...

Read more
6 Jan 2022 12:00

Shell-backed U.S. solar developer raises $775 million in equity

By Nichola GroomJan 6 (Reuters) - Silicon Ranch Corp, the U.S. solar project developer backed by Royal Dutch Shell, on Thursday said it raised $775 million in equity capital from new and existing investors.The announcement comes as renewable energ...

Read more
5 Jan 2022 09:54

UPDATE 2-Commodity-linked stocks lift UK's FTSE 100 after dull start

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Ocado, LSEG, Ferguson gain as brokerages raise share ratings* Gains in oil majors offset risk-off sentiment* FTSE 100 up 0.2%, FTSE 250 of...

Read more
4 Jan 2022 17:00

LONDON MARKET CLOSE: Stocks start 2022 in style as airlines fly higher

LONDON MARKET CLOSE: Stocks start 2022 in style as airlines fly higher

Read more
4 Jan 2022 12:04

LONDON MARKET MIDDAY: Bright start to 2022 as travel stocks take off

LONDON MARKET MIDDAY: Bright start to 2022 as travel stocks take off

Read more
3 Jan 2022 13:26

U.S. refiner HollyFrontier warns of lower than expected throughput

Jan 3 (Reuters) - U.S. oil refiner HollyFrontier Corp's fourth-quarter throughput will be lower than forecast, hit by weather and turnaround setbacks at refineries in Washington, New Mexico and Oklahoma, the company warned on Monday.Flooding in B...

Read more
31 Dec 2021 13:08

LONDON MARKET CLOSE: Muted finish as FTSE 100 rallies 14% in 2021

LONDON MARKET CLOSE: Muted finish as FTSE 100 rallies 14% in 2021

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.