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Shell is sure of its future investment in the North Sea

mark williamson QATAR

1 Jun 2011

THE chief executive of Shell said the North Sea was still important for the oil and gas giant, which could invest in the province for decades to come.

Peter Voser reiterated Shell’s concerns that the controversial Budget tax hike could make some small developments unviable.

However, he said the company would still go ahead with big investments in the kind of bumper projects that could generate the returns it targets.

Asked where the North Sea fit with Shell’s strategy, Mr Voser said: “It’s an important area for us still.

“Because of the new tax we see smaller and more mature (projects) being challenged on the profitability point of view but we see the two bigger projects going ahead, and they are multibillion projects.”

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