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Shell gives up on big subsea project in Norway

Screen Shot 2014-02-10 at 16.29.29Extract from a Reuters article by Balazs Koranyi published 11 April 2014

(Reuters) – Royal Dutch Shell has postponed an innovative project to provide subsea gas compression on Norway’s Ormen Lange field, one of the biggest gas fields in Europe, it said on Friday. “The oil and gas industry has a cost challenge,” Shell said in a statement. “This, in combination with the maturity and complexity of the concepts and the production volume uncertainty, makes the project no longer economically feasible.”

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