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San Jose Mercury News: Royal Dutch Shell is awarded 84 leases

San Jose Mercury News: Royal Dutch Shell is awarded 84 leases

“THE HAGUE, Netherlands – Royal Dutch Shell PLC said Monday its Shell Exploration & Production Company has been awarded 84 leases off the coast of Alaska in the Beaufort Sea.”: “Shell, still recovering from a scandal over the downsizing of its reserves, said last week it will increase spending on exploration to an annual $1.8 billion in 2005 and 2006 from $1.5 billion last year.”

Tuesday 2 August 2005

Associated Press

THE HAGUE, Netherlands – Royal Dutch Shell PLC said Monday its Shell Exploration & Production Company has been awarded 84 leases off the coast of Alaska in the Beaufort Sea.

The leases were granted by the U.S. Minerals Management Service after Shell bid in March on the leases in the so-called Outer Continental Shelf.

“Shell is committed to growing globally through exploration for new material oil and more integrated gas and we believe North America continues to hold promising opportunities,” Shell said in a statement.

Shell, still recovering from a scandal over the downsizing of its reserves, said last week it will increase spending on exploration to an annual $1.8 billion in 2005 and 2006 from $1.5 billion last year.

“We believe that we can build a significant position in Alaska, starting in the Beaufort,” said Chandler Wilhelm, Alaska Exploration Manager.

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