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AFX News Limited: Shell, ConocoPhillips win more UK North Sea licenses – DTI

03.29.07, 8:53 AM ET
 
LONDON – Royal Dutch Shell PLC and ConocoPhillips have secured the licenses to develop the Caravel, Shamrock and Kelvin fields in the North Sea, said Alistair Darling, the UK’s trade and industry secretary.

Shell, along with partner ExxonMobil Corp (nyse: XOM – news – people ), will be developing Caravel, which will pump its first oil in December. It will also be operating the nearby Shamrock field.

ConocoPhillips (nyse: COP – news – people ), meanwhile, will be developing the Kelvin discovery with partners GDF Britain Ltd and Tullow Oil PLC.

The three fields will add an extra 340 bln cubic feet of gas to Britain’s overall reserves.

The license approval will bring to 350 the total number of oil and gas projects in the North Sea’s 40-year history, Darling said in a speech at a Royal Bank of Scotland conference in Aberdeen.

‘We’re seeing record interest in licensing rounds, an influx of new companies alongside long established players, a steady stream of developments put on the table and overall annual investment of around 10 bln stg,’ said Darling.

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Copyright AFX News Limited 2007.

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