Shell withdraws from Norway round
OSLO, April 4, 2016 – Shell has abandoned its plans to see Norway’s latest bid round through, the company said on Monday, withdrawing its application. Announced in March, the auction saw blocks in the Norwegian Sea and Barents Sea go up for bid.
“The decision is part of an optimisation of Shell’s global portfolio following the acquisition of BG and a persistently low oil price,” a statement put out by the company’s local unit read.
The first awards of blocks, the majority of which are in the Barents Sea, are expected in September. At the time of the announcement, Petroleum and Energy Minister Tord Lien said he hoped that the round, the country’s 23rd-such auction, would facilitate “increased activity in the north.”