Oil major Shell has pulled out of an application from Norway’s Arctic-focused oil licensing round.
The company said the decision is part of an optimisation of its global portfolio following its acquisition of BG.
A spokesman for Shell said Norway remains “one of our core areas” despite the decision.
In December last year, the Norwegian oil ministry said Shell was among one of the companies who had applied for drilling permissions in the so-called 23rd round.
The licensing round its set to move the search for hydrocarbons closer to the country’s border with Russia.
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