By Spencer Swartz, Dow Jones Newswires
Royal Dutch Shell PLC (RDSA) said Wednesday it has found around 3 billion cubic meters of natural gas, or 18 million barrels of oil equivalent, in two North Sea blocks.
The Anglo-Dutch company said in a statement it planned to develop the gas finds, in the southern North Sea, under the names Shamrock North and Shamrock South.
“Shamrock is likely to come on stream in 2008,” Shell said.
The gas finds, of which Shell has 100% interest, are equal to less than 5% of the U.K.’s current annual gas demand, which has been increasingly driven by the growing number of gas-fired power plants.
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