Risk-free oil and gas opportunities in the North Sea are still a vital draw for Shell, despite estimates that more than half of the region's reserves have been extracted.

Such is the claim of Shell UK chairman James Smith, who has told the Scotsman that the low-risk fields are often still favorable to riskier exploration projects elsewhere in the world.

He anticipated that the reserves will run dry in around two to three decades, although he noted that it will continue to prove popular and profitable until then.

"Oil companies also look at the political risk and the risks in the North Sea are low. It is still a very important place to be, declining but still a significant part of our portfolio," he said.

At the beginning of the month, Shell confirmed that, as part of a consortium, it had transferred a number of major assets in the North Sea to TAQA Bratani, a wholly owned subsidiary of the Abu Dhabi National Energy Company.


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