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Shell ducks out of Norwegian Arctic oil bid

Royal Dutch Shell has pulled out from plans to enter Norway’s Arctic-focused oil licensing round.

“The decision is part of an optimisation of Shell’s global portfolio following the acquisition of BG and a persistently low oil price,” the company said in a statement.

Shell has been pulling back from projects across the world in recent months citing the persistently low oil prices.

 

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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