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BP, Shell tie future to North Sea despite broad retreat

Both companies plan to explore this year for new resources in the North Sea, one of the oldest deepwater hubs faced with harsh weather conditions, executives told Reuters.

The two oil giants have sold billions worth of North Sea fields, many of them nearing the end of their life, in recent years. But still they see golden opportunities there as new technologies open up resources that can be profitable with oil trading at around $50 a barrel and in some cases lower. FULL ARTICLE

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