Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Shell will not pursue development of Linnorm gas field in Norway

Published 23/06/2022, 15:22
Updated 23/06/2022, 15:30
© Reuters. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, January 31, 2008. REUTERS/Toby Melville

LONDON (Reuters) - Shell (LON:RDSa) said on Thursday it would not continue with its plans to develop the Linnorm discovery in the Norwegian North Sea as a standalone gas field.

"After discussions between the partners, the Linnorm Licence will not continue to further mature a standalone development concept," Shell told Reuters in a statement. "The partners in the licence will now evaluate alternative ways forward."

© Reuters. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, January 31, 2008. REUTERS/Toby Melville

The field was discovered in 2005 holds an estimated 31.7 billion cubic metres of gas resources, according to the Norwegian Petroleum Directorate data base.

Shell operates and holds a 30% stake in the field, Norway's Petoro also holds 30% while Equinor and TotalEnergies each hold a 20% stake.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.