The Royal Dutch/Shell Group has decided to reduce the level of exploration funding available to Shell New Zealand over the next 12 months.
The Royal Dutch/Shell Group has decided to reduce the level of exploration funding available to Shell New Zealand over the next 12 months.
"The immediate focus of Shell New Zealand's Exploration and Production business is upon improving the return from its very significant investments of the last few years in New Zealand," said Dr. Lloyd Taylor, Shell New Zealand chairman. "This will be achieved by focusing on the immediate requirement to bring onstream the Pohokura gas field, while at the same time maximizing the utilization of its existing asset base."
Shell will continue to be one of New Zealand's biggest energy companies through its continuing investment in Pohokura, Maui, and Kapuni, Taylor said.