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Shell bullish about North Sea.

A MAJOR oil company boss has predicted a healthy future for the North Sea beyond 2030.

Steve Phimister, director of Shell's upstream commercial business, said the firm had no plans to sell off any more of their assets in the area.

Speaking in Aberdeen yesterday, the bullish boss said: "Right now, we remain one of the largest producers.

"We have a very efficient portfolio and we still have more we can do to it.

"We've said we will invest several hundred millions, maybe north of $500million a year, in order to rejuvenate that portfolio and keep it sustained."

And he predicted: "I think that we have a very strong portfolio right out into the 2030s." Earlier this year, Shell sold a package of assets to Chrysaor for almost PS3billion. It included stakes in the Buzzard, Beryl, Elgin-Franklin and Schiehallion fields.

Phimister said it was done "with an intention to focus on our core business". He added that Shell remain a "very significant producer in the basin".

In his autumn budget, Chancellor Philip Hammond announced changes in decommissioning relief, making it easier for smaller operators to invest in older assets.

Phimister said: "It's going to help the basin immensely."

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Publication:Daily Record (Glasgow, Scotland)
Date:Dec 6, 2017
Words:198
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