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CNNMoney.com: Shell-ExxonMobil JV To Restart Large Dutch Oil Project In 2010

December 21, 2007: 05:21 AM EST

LONDON -(Dow Jones)- Nederlandse Aardolie Maatschappij BV, or NAM, a joint- venture between Royal Dutch Shell PLC (RDSB.LN) and ExxonMobil Corp. (XOM), said oil production will resume at the Dutch Schoonebeck field in 2010.

The decision to restart the oil field comes as rising oil prices and new technologies improve the economics of previously unprofitable oil and gas projects.

In a press statement on its Dutch Web site, Shell, which owns 50% of NAM, said the venture will partner with Dutch-state-owned natural gas company Energie Beheer Nederland BV. EBN will contribute 40% of the costs of the project.

The Schoonebeek oil field, which was discovered in 1943, is the largest onshore oil field in northwest Europe, Shell said.

One billion barrels of oil remain in the field. Between 1948 and 1996, 250 million barrels were produced from Schoonebeek before NAM decided to stop output due to the difficult nature of the oil extracted.

With new, innovative technologies, such as horizontal wells, NAM will be able to produce another 100 to 120 million barrels over the next 25 years, Shell said.

“This is an increase of the total Dutch oil reserves of about 50%,” Shell said.

Company Web site: www.shell.com

-By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; [email protected] dowjones.com

  (END) Dow Jones Newswires
  12-21-07 0521ET
  Copyright (c) 2007 Dow Jones & Company, Inc.

http://money.cnn.com/news/newsfeeds/articles/djf500/200712210521DOWJONESDJONLINE000462_FORTUNE5.htm

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