Shell pulls out of Arctic-focused exploration oil licensing round in Norway

Royal Dutch Shell has pulled its application from Norway’s Arctic-focused oil licensing round, the firm said on Monday, in a blow to the Nordic country’s ambitions to explore for oil and gas in its northern offshore areas.

‘The decision is part of an optimization of Shell’s global portfolio following the acquisition of BG and a persistently low oil price,’

the company’s Norwegian unit said in a statement. ‘Norway remains one of our core areas.’
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