Shell puts Ormen Lange upgrade on hold
The Local - [email protected] •
11 Apr, 2014
Updated Fri 11 Apr 2014 11:15 CEST
The Anglo-Dutch oil giant Royal Dutch Shell has postponed plans to install subsea gas compression on Norway's Ormen Lange field, one of Europe's largest, arguing soaring costs had undermined the economics.
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"The oil and gas industry has a cost challenge," the company said. "This, in combination with the maturity and complexity of the concepts and the production volume uncertainty, makes the project no longer economically feasible."
Norwegian oil services firm Aker Solutions had designed the project.
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