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Shell gives up on big subsea project in Norway

Reuters - UK Focus

OSLO, April 11 (Reuters) - Royal Dutch Shell (Xetra: R6C1.DE - news) has postponed an innovative project to provide subsea gas compression on Norway's Ormen Lange field, one of the biggest gas fields in Europe, it said on Friday.

"The oil and gas industry has a cost challenge," Shell (LSE: RDSB.L - news) said in a statement. "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 Solution designed and built a compression pilot project for the field, hoping the licence would select the concept. (Reporting by Balazs Koranyi)