Shell May Close Norway Field a Decade Before Target on Oil Slump
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Royal Dutch Shell Plc may close its Draugen oil field in the Norwegian Sea a decade earlier than in a prior assessment of the area’s potential lifespan because of rising costs and a slump in oil prices.
Europe’s biggest oil company expects production in the field to extend until 2024 to 2027 after previously estimating a potential of as long as 2036, Odin Estensen, an asset manager at its Norway unit, said yesterday in an interview in Stavanger.