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Shell boss says history against Rockall oil find

The Sunday Business Post (IRELAND): Shell boss says history against Rockall oil find

“Ten licences have been granted at Rockall, but eight have been returned after no financially viable quantities of oil or gas were found.”

Sunday 21 August 2005

By Laura Noonan

Shell’s latest oil exploration licence has been granted for an area for which 80 per cent of the licences issued have been returned to the state years before they were due to expire.

Ten licences have been granted at Rockall, but eight have been returned after no financially viable quantities of oil or gas were found.

Andy Pyle, chief executive of Shell’s Irish exploration company, said the area’s history of poor returns reduced the likelihood of his company finding oil there.

“It is worth looking into, but the chances of finding anything economic are fairly restricted,” Pyle said.

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