Fossil Energy – Shell
Shell has again increased its footprint in the UK North Sea by taking control of the Victory discovery, a ‘development ready’ project in the West of Shetland region.
It was confirmed by Resources, in a statement this afternoon, that Shell was the previously un-named buyer in its £32mln deal to sell Corallian Energy (a vehicle part-owned by Reabold) which held the Victory project.
Victory is the latest in a string of new UK gas projects undertaken by Shell including the Jackdaw development, greenlit in July, and a number of exploration ventures designed to unlock new domestic supplies into Britain.
Shell earlier this year pledged to invest £20bn to £25bn in ‘the UK energy system’ over the next decade and, according to sector experts, investment appetite across the industry has been boosted further by tax incentives that were bolstered in parallel with the government’s Energy Profits Levy (the windfall tax) – which allows some 91p per pound invested to be claimed as relief.
