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Exclusive Interview: Ben van Beurden – No North Sea retreat

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Ben van Beurden hailed the region’s “tremendous” progress.

His commitment to the region comes after it sold more than half of its North Sea oil and gas fields for $3.8billion to Chrysaor.

The sell-off included interests in the fields Buzzard, Beryl, Bressay, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond and Erskine, and a 10% stake in Schiehallion.

Mr van Beurden insisted the shift in assets was about breathing new life into the portfolio Shell ring-fenced to keep.

Speaking exclusively to Energy Voice from his Hague office, he said: “The North Sea has improved tremendously. “It’s one thing to say, look at what Shell’s selling.

“That’s one part of the story, but let’s first of all see what we have done with the asset base, including the asset base we kept.

“So over the last few years compared to where we were in the $90 or $100 world uptime has gone up 25%, costs halved, the organisation more than halved things like hand-on-tool time. Labour productivity is 30%, 40% and 50% up, depending on what asset you’re looking at.

“So we’re now looking at a footprint that is fundamentally better positioned.

“It’s much more competitive.” FULL ARTICLE

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